A certified check payable to the state board of land commissioners for a sum of not less than two hundred fifty dollars and not more than two thousand five hundred dollars, as may be determined by the rules of the board, shall accompany each such request and proposal. It shall be held as a guarantee of the execution of the contract with the state, in accordance with its terms, by the party submitting such proposal, in case of the approval of the same and the selection of the land by the board. It shall be forfeited to the state in case of failure of the parties to enter into a contract with the state, in accordance with the provisions of this article.
Source: L. 1895: p. 158, § 6. R.S. 08: § 5143. C.L. § 1128. CSA: C. 134, § 26. CRS 53: § 112-2-8. C.R.S. 1963: § 112-2-8.