Every rule on this topic across the stack of authorities, in order from highest authority to most local — with any state or federal rule that overrides a conflicting HOA provision flagged.
The municipal code (American Legal Publishing) is the day-to-day public-law layer for most daily-life rules. Source →
A shed is defined and regulated at Village Code 10-5-5: a building permit is required to install one, with an initial permit fee of $200. Related miscellaneous building regulations are at 10-5-4. Most fence and accessory-structure rules sit under Title 10 (Building and Development).
Informational only — not legal advice. These are public rules summarized from the linked sources; they change, and overlapping jurisdictions can disagree. Verify against the linked source and the governing body (the Village, your association, the county) before acting.