In lieu of the deposit of legal tender or a certified check, a bid may be accompanied by a surety bond naming the city as obligee, with the bidder as principal, and a surety company, authorized to do business as such in this State, as surety, in a penal sum equal to the deposit required under § 38-2.8, conditioned upon the bidder entering into the contract and furnishing the required security within 10 days after the award or within such further time as the director may allow.
(Sec. 30-2.10, R.O. 1978 (1983 Ed.)) (1990 Code, Ch. 28, Art. 2, § 28-2.10)