Chapter 3.36
INTEREST ON WARRANTS

Sections:

3.36.010    Rate of interest – Call for payment.

3.36.020    Presentation for payment and endorsement required for interest.

3.36.010 Rate of interest – Call for payment.

All warrants or orders of the City issued upon the Treasurer and not paid on presentation shall be endorsed by the Treasurer, and from and after the date of presentation and endorsement, all such warrants and orders shall thereafter bear interest not to exceed six percent per year, until called for payment by the Treasurer. The call for payment of warrants issued and outstanding shall be made by publication in the official City newspaper, by one insertion thereof, or by giving to the holder of such warrant personal notice of such call. Interest shall cease on the date of the first publication of such notice or on the date of the giving of such personal notice. (Ord. 239 § 1, 1939)

3.36.020 Presentation for payment and endorsement required for interest.

No warrant shall bear interest until it is presented to the Treasurer for payment and upon such presentation, the Treasurer shall endorse thereupon the following: “This warrant draws six percent (6%) interest until paid.” (Ord. 239 § 2, 1939)