Before any contract is entered into, the bidder shall give security for compliance therewith by deposit of an amount equal to two months’ rental or other charge required under the contract, except that in the case of a contract for the lease of residential property, a security deposit in an amount equal to one month’s rent shall be required. In lieu thereof, the director may accept good and sufficient bond for the amount, 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.
(Sec. 30-2.12, R.O. 1978 (1983 Ed.)) (1990 Code, Ch. 28, Art. 2, § 28-2.12)