The surety on a bond filed in lieu of a general deposit may be released from liability thereon at any time after fifteen (15) days after all sums due and owing the city have been paid, and after all permits issued to the person filing such bond have expired, and all work authorized by any permit issued to said person has been completed and accepted by the engineer, when an application for release from such liability, duly verified by the principal and the surety, shall have been filed with the engineer setting forth the name and address of the surety, and the date, number, and amount of said bond. (Prior code § 76203)