(a) Every officer and employee, if required by the Board or by statute, before entering the duties of his office or position, shall give a bond in such amount as may be determined by the Board, and with such sureties as it may approve, conditioned upon the faithful performance of the duties of his office or position.
(b) The village shall pay the cost of such bonds as it may require of the employees or officers. (M.C. 1963, § 10.108)