§ 31-20-406 — Redemption of warrants

When the treasurer of any city or town
has any city or town funds on hand in cash to the amount of five hundred dollars or
over, it is his duty to immediately apply all such funds to the redemption of an equal
amount of such outstanding city or town warrants, certificates, or orders, with the
interest due thereon, as may be entitled to a preference as to payment according to
the order of time in which they were previously presented to the treasurer of such
city or town, as evidenced by the registry of the orders of such city or town kept in
his office as provided by law. For this purpose, he shall cause to be advertised for
thirty days in some newspaper published in or nearest such city or town a notice
that he will redeem such certain city or town orders, certificates, or warrants with
interest due thereon, stating their number and amounts on presentation at the
treasury of such city or town, and that, at the expiration of thirty days from the date
of such notice, such orders, certificates, or warrants shall cease to bear interest.

Legislative History

Source: L. 75: Entire title R&RE, p. 1133, � 1, effective July 1.