All contracts for public works of any kind to be performed for the Village shall require every contractor for such work to furnish and deliver to the Village a surety bond, which bond, among other conditions, shall be conditioned upon the completion of the contract, the payment of all material used in such work and the payment of all labor performed in such work whether by subcontractor or otherwise, in accordance with the prevailing wage rates, and upon the performance of such work in accordance with plans and specifications and the terms of such contract. (1963 Code § 10.211A; amd. Ord. 0-74-4 § 10.211A)