A.Notwithstanding sections 11-635 and 11-636, this section applies to each county treasurer of a county in this state that has a population of two million or more persons.
B.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. 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 suffic
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A. Notwithstanding sections 11-635 and 11-636, this section applies to each county treasurer of a county in this state that has a population of two million or more persons.
B. 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. 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. If a physical warrant is not presented to the county treasurer but the county treasurer receives an electronic notice that the warrant was issued, the treasurer shall notify the servicing bank that the warrant will not be paid for lack of monies, and from that time until there are sufficient monies to pay the original warrant, the original amount of the warrant may not bear more than ten percent interest per year.
C. The county treasurer shall keep a register of warrants and substitute checks presented for payment and a record of electronic funds transfers.
D. If there are sufficient monies in the treasury to pay the warrants drawing interest and registered pursuant to this section, the county treasurer shall notify the issuing entity of the availability of the monies. The monies shall be placed in a clearing fund or other appropriate fund that is agreed on by the county treasurer and district. The issuing entity shall issue new warrants that include the original principal amount and any accrued interest, and notify the county treasurer of the warrant numbers, amounts and payees.
E. If only part of the warrants presented on the same day are payable, the county treasurer shall designate the payable warrants and notify the issuing entity of the warrants to be paid and the warrants to be registered.
F. A warrant that is reissued pursuant to this section shall be processed pursuant to section 11-644.
G. 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.