Neither the owner nor the holder of any bond issued after the enactment of this chapter shall have any claim therefor against the City except for payment from the special assessments made for the improvement for which the bond was issued, and except as against the local improvement guaranty fund created by this chapter, and the City shall not be liable to any holder or owner of such bond for any loss to the guaranty fund occurring in the lawful operation thereof by the City. The remedy of the holder or owner of a bond in case of nonpayment shall be confined to the enforcement of the assessment and to the guaranty fund. A copy of this section shall be plainly written, printed or engraved on each bond issued and guaranteed hereunder, and the writing, printing or engraving shall be deemed sufficient compliance with the requirements of RCW 35.45.070. [Ord. 3557 § 23, 2002; Code 1970 § 3.08.060; Code 1954 § 2-13.24.]