Arizona § 11-635 Warrants, substitute checks and electronic funds transfers unpaid for lack of monies; interest; definitions

Arizona Statutes

§ 11-635 — Warrants, substitute checks and electronic funds transfers unpaid for lack of monies; interest; definitions

Arizona § 11-635

Title 11Arizona Revised Statutes

Ch. 4FISCAL PROVISIONS

Art. 2Claims and Warrants

This text of Arizona § 11-635 (Warrants, substitute checks and electronic funds transfers unpaid for lack of monies; interest; definitions) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 11-635 (2026).

Text

A.If a revolving line of credit has not been obtained for a political subdivision or if the revolving line of credit has been spent and if there are insufficient monies in the issuer's account, the county treasurer may invest in the warrant, substitute check or electronic funds transfer prescribed in section 35-323, subsection A, paragraph 7.

B.The county treasurer shall keep a register of warrants and substitute checks and a record of electronic funds transfers presented for payment.

C.If the county treasurer does not invest in the presented warrant, substitute check or electronic funds transfer, the county treasurer shall notify the servicing bank that the warrant or substitute check will not be paid for lack of monies and from that time until there are sufficient monies to pay the

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A. If a revolving line of credit has not been obtained for a political subdivision or if the revolving line of credit has been spent and if there are insufficient monies in the issuer's account, the county treasurer may invest in the warrant, substitute check or electronic funds transfer prescribed in section 35-323, subsection A, paragraph 7.

B. The county treasurer shall keep a register of warrants and substitute checks and a record of electronic funds transfers presented for payment.

C. If the county treasurer does not invest in the presented warrant, substitute check or electronic funds transfer, the county treasurer shall notify the servicing bank that the warrant or substitute check will not be paid for lack of monies and from that time until there are sufficient monies to pay the original warrant, the original warrant may not bear more than ten percent interest per year.

D. For the purposes of this section:

1. "Substitute check" has the same meaning prescribed in section 9-249.

2. "Warrant" has the same meaning prescribed in section 9-249 and includes a record from which an electronic funds transfer may be made.