A. Appointment. The Council shall appoint a Village Treasurer, who shall hold office for the term of two years from and after the first Tuesday in the month of May of the year in which the Village President is elected, and until a successor has been appointed and qualified.
B. Bond. Before entering upon the duties of the office of Village Treasurer, the Village Treasurer shall execute and file with the Village Clerk a bond with security to be approved by the Council. The bond shall be payable to the Village in the penal sum directed by resolution of the Council, and shall be conditioned upon the faithful performance of the duties of the office of Village Treasurer, according to law and the ordinances of the Village. The premiums for such bond shall be paid by the Village.
C. Compensation. The Village Treasurer shall serve without compensation.
D. Powers and Duties. The Treasurer shall have the following powers and duties, in addition to the powers and duties established by statute and the Village Charter:
1. Investments. To invest the funds of the Village pursuant to the investment policy established by the Village Council and to deposit funds only in depositories which have been approved by the Village Council in the manner prescribed by statute and Village policy;
2. Annual Account of Payments. To prepare the annual account of payments as required by statute;
3. Delinquent Special Assessments. To attend any sale of property to enforce the collection of any delinquent special assessment, and in default of other bidders, to bid at such sale on behalf of the Village, up to an amount set by the Council, and to purchase on behalf of the Village any property at any such sale in order to enforce the collection of any delinquent special assessment or any installment of such assessment;
4. Village Warrants. To prepare warrants, which shall be drawn upon the Treasurer, signed by the President or the President Pro Tempore and countersigned by the Clerk and endorsed by the Treasurer. Each warrant shall state the particular fund or appropriation to which it is chargeable and the person to whom it is payable.
Checks drawn on Village accounts created by warrant drawn, signed, countersigned and endorsed as stated in this section and deposited in the name of the Village for payroll, petty cash or other purposes approved by a specific warrant, shall be honored when signed or caused to be signed by the Treasurer;
5. Receipt of Money; Books and Accounts. To receive all money belonging to the Village and keep all necessary books and accounts according to good accounting practice. The books and accounts shall be subject to inspection by the Village Manager and by any member of the Council at all times. The books and accounts shall be maintained by or under the direction of the Treasurer so as to show at all times the exact condition of the money under the Treasurer's control, including all accounts, funds, or appropriations and disbursements of the Village. All interest on Village funds shall be credited to the Village. The books and accounts shall be balanced at least monthly.
(Ord. MC-228-99 § 1 (part), 1999: prior code § 3.04 (part))