(A) The applicant, as principal, and the surety under any bond filed pursuant to § 117.019 may have such bond terminated and cancelled if and when the applicant or the assignee of any permit granted pursuant to this chapter shall furnish a new bond therefor.
(B) Any bond or rider thereto shall be terminated and cancelled upon the final and permanent cessation or abandonment of all operations in connection with any wells for which such bond or rider thereto was given, subject to compliance with the applicable provisions of this chapter.
('64 Code, § 16-12) (Ord. 512, passed 1-13-77; Am. Ord. 726, passed 12-22-87)