§ 3-306 Official undertakings. The board of trustees on behalf of the village or the board in control of a village owned utility plant shall post an official undertaking in such sum and form, and with such sureties as the board of trustees or the board in control of the village owned utility plant shall direct and approve for the treasurer, clerk, village justice, acting village justice, and such other officers and employees as may be required by the board of trustees, or by the board in control of a village owned utility plant. The board of trustees may by resolution determine that such undertaking shall be executed by a surety company authorized to transact business in this state and that the expense thereof shall be a charge upon the village. The board in control of a village owned utility plant may by resolution determine that such undertaking shall be executed by a surety company authorized to transact business in this state and that the expense thereof shall be paid from the proceeds of the operation of such utility plant.
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