2013 New York Consolidated Laws
VIL - Village
Article 3 - (3-300 - 3-312) OFFICERS AND ELECTIONS
3-306 - Official undertakings.

 
    §  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.