(A)   Whenever any contract for the construction of a public improvement is entered into, the contractor shall furnish surety in an amount not less than the contract price. The contractor shall also guarantee that he or she will promptly pay all persons supplying him or her with labor.
   (B)   The performance bond may be waived when the bid submitted does not exceed $25,000.
   (C)   The contractor shall also pay all taxes which may arise under SDCL Ch. 10-46.
(Prior Code, § 34.32)