Official undertakings

§ 3-306 Official undertakings. The board of trustees on behalf of the\nvillage or the board in control of a village owned utility plant shall\npost an official undertaking in such sum and form, and with such\nsureties as the board of trustees or the board in control of the village\nowned utility plant shall direct and approve for the treasurer, clerk,\nvillage justice, acting village justice, and such other officers and\nemployees as may be required by the board of trustees, or by the board\nin control of a village owned utility plant. The board of trustees may\nby resolution determine that such undertaking shall be executed by a\nsurety company authorized to transact business in this state and that\nthe expense thereof shall be a charge upon the village. The board in\ncontrol of a village owned utility plant may by resolution determine\nthat such undertaking shall be executed by a surety company authorized\nto transact business in this state and that the expense thereof shall be\npaid from the proceeds of the operation of such utility plant.\n