(a) All bids shall be presented under sealed cover and accompanied by one of the following forms of bidder`s security: cash, a cashier`s check, certified check, or a bidder`s bond executed by an admitted surety insurer, made payable to the trustees. The security shall be in an amount equal to at least 10 percent of the amount bid. A bid shall not be considered unless one of the forms of bidder`s security is enclosed with it. (b) A bid described in subdivision (a) may be submitted electronically in accordance with Section 1601, but only if the bidder submits the bidder`s security required by subdivision (a) within 24 hours after the opening of bids.
