11-635. Warrants and substitute checks unpaid
for lack of funds; interest; definitions
A. If a revolving line of credit has not been obtained for a political subdivision
or if the revolving line of credit has been expended, the treasurer shall write or stamp
on the face of the warrant or substitute check "not paid for lack of funds" and the date
of presentation, and from that time until it is paid, the warrant or substitute check
shall bear no more than ten per cent interest per year.
B. The treasurer shall keep a register of warrants and substitute checks presented
for payment.
C. For the purposes of this section, "substitute check" and "warrant" have the same
meanings prescribed in section 9-249.
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