(A) In making contracts for public work of any kind to be performed in the village, the contractor for such work shall furnish, supply and deliver a performance bond in the full amount of the contract to the corporate authorities.
(B) Such bond may be required to further stipulate such provisions as will guarantee the faithful performance that the general prevailing rate of wages will be paid to all laborers, workers and mechanics employed by or on behalf of the village engaged in the construction of public works, as provided by statute.