(A) The liability on any bond deposited with the city as required by § 5.18.050 may be terminated upon the filing with the Director of Finance by the surety on the bond of a written notice to the city wherein shall be stated that the surety intends to terminate the liability upon the bond, the termination to become effective 30 days from and after the day upon which such notice of intention to terminate liability is filed with the Director of Finance; provided, however, that in no case shall the termination of liability by the surety on any bond affect any liability incurred prior to the date of termination thereof.
(B) Upon the termination of liability by the surety upon any bond as provided in this chapter, the permit of the principal of the bond shall be automatically revoked.
(`78 Code, § 5.18.070.) (Ord. 2315 § 1 (part), 1997.)