7-6-4502. Call for payment of warrants drawing interest. (1) Except as provided in subsection (2), when there is money in the city or town treasury applicable to the payment of any warrants drawing interest and sufficient to pay the same, the city treasurer or town clerk must:
     (a) give notice in some newspaper published in such city or town or, if none is published therein, then by written notice posted in a conspicuous place on the outer door of the office of the city treasurer or town clerk, stating that he is ready to pay the warrants and giving the number of the warrants to be paid; and
     (b) if the warrants are subject to purchase by the county for investment as provided in 7-6-2701, notify the county treasurer that any such warrants in the possession of the county will be paid upon presentation to the city treasurer or town clerk.
     (2) If all of such warrants are held by a county, only the notice provided for in subsection (1)(b) is required.
     (3) The warrants so called cease to draw interest from the time of the first publication or posting of such notice unless all of such warrants are held by a county, in which case the warrants cease to draw interest from the time of notification of the county treasurer.

     History: En. Sec. 2, p. 75, L. 1897; re-en. Sec. 3285, Rev. C. 1907; re-en. Sec. 5082, R.C.M. 1921; re-en. Sec. 5082, R.C.M. 1935; R.C.M. 1947, 11-1308; amd. Sec. 3, Ch. 92, L. 1985.