Neither the owner nor the holder of any bond, warrant or note issued against a local improvement fund after the adoption of the ordinance codified in this chapter shall have any claim therefor against the city except for payment from the special assessments made for the improvement for which such bond, warrant or note was issued and except as against the local improvement guaranty fund created by this chapter. The city shall not be liable to any holder or owner of such bond, warrant or note 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, warrant or note in case of nonpayment shall be confined to the enforcement of the assessment and to the guaranty fund. A copy of RCW 35.45.070, the provisions of which are incorporated by reference in this chapter, shall be plainly written, printed or engraved on each bond issued and guaranteed under this chapter. (Ord. 542 § 5, 1985).