The said trustees may make, alter, amend, or repeal any ordinance, bylaw, or regulation which it deems necessary and proper for carrying into execution the foregoing powers or for the well-being of said Village, and which is not repugnant to the Constitution or laws of this State or of the United States; and to provide penalties for the breach thereof; and public notice of such bylaws, regulations, and ordinances shall be given by posting a notice thereof in at least three public places in said Village, not less than five days before the same shall take effect; all fines, penalties, taxes, and moneys paid for, licenses thereby provided shall belong to the Village and be paid to its Treasurer.