All bids shall be accompanied by a deposit of legal tender or by a certified check payable to the director drawn on a bank doing business within the State, for or in a sum equal to 5 percent of the amount bid, but in no event, to be less than $50; provided that when the amount bid exceeds $50,000, the certificate of deposit or certified check shall be $2,500 plus 2 percent of the amount in excess thereof.
(Sec. 30-2.8, R.O. 1978 (1983 Ed.)) (1990 Code, Ch. 28, Art. 2, § 28-2.8)