Sections 20.12.040 and 20.12.050 of this chapter shall not be construed to provide any private right of action on either tort, contract, third party contract or any other basis on behalf of any property holder in the subdivision as against the city or on the security device required under Section 20.12.050 of this chapter or its successor in the event that the public improvements are not constructed as required. Notwithstanding the foregoing sentence, any security device obtained pursuant to Section 20.12.050 of this chapter to secure payment obligations with respect to the public improvements shall provide a private right of action to any person, at any tier, who supplies labor, material, or equipment with respect to the public improvements. (Ord. 73-23, 2023)