Where required under the provisions of this article, bond may be given in the form of a cashier's or certified check or the bond of the bidder, contractor or vendor as the case may be with surety which shall be a company licensed by the Department of Insurance of the State of Illinois and which shall have not less than an AAAA rating by Best's or other established rating service. (1963 Code § 10.212A; amd. Ord. 0-74-4 § 10.212A)