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Before entering the duties of their office, each member of Council, the Mayor, the Village Recorder and each Director or Chief of a Village office, department, division or agency and such other personnel as Council may require, shall give bond for the faithful performance of their duties, payable to the Village of Barboursville, in such amounts and with such corporate surety as may be approved by Council. Council may provide for obtaining a blanket bond covering all Village officers and employees, designating specific officers or employees whose bond shall be in excess of the amount of the blanket bond. The premiums on such bond or bonds shall be paid by the Village after it has been ascertained that the premiums are not in excess of the premium schedule filed by the bonding company with the Commissioner of Insurance of West Virginia. All bonds shall be subject to approval by the Village Attorney as to form and substance and when so approved, shall be endorsed with his or her signature.