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 warrants, the city treasurer or town clerk shall:

(a) give notice in some newspaper published in the city or town or, if a newspaper is not published in the city or town, by written notice posted in a conspicuous place on the outer door of the office of the city treasurer or town clerk, stating that the treasurer or clerk 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 warrants in the possession of the county will be paid upon presentation to the city treasurer or town clerk.

(2) If all of the warrants are held by a county, only the notice provided for in subsection (1)(b) is required.

(3) The warrants called cease to draw interest from the time of the first publication or posting of the notice unless all of the warrants are held by a county, in which case the warrants cease to draw interest from the time of notification of the county treasurer.