(a) The following officers of the Village shall give bond with good and sufficient surety according to law in the following amounts:
(1) The Mayor shall give bond in the sum of six thousand dollars ($6,000).
(2) The Clerk-Treasurer shall give bond in the sum of ten thousand dollars ($10,000).
(3) The Income Tax Clerk shall give bond in the sum of ten thousand dollars ($10,000).
(4) Each member of Council shall give bond in the sum of five hundred dollars ($500.00).
(b) When such bonds are signed by a corporate surety company, authorized by the laws of the State to execute such bonds, the premiums thereon shall be paid from the General Fund of the Village.