§ 9-4-106 — Interest on public warrants

(a) All state, county, school district, town, city or
other public warrants issued for any salary, fee or for any
public indebtedness, claim or demand which has accrued on any
public contract, transaction or liability shall draw interest
upon the amount expressed in the warrant from the date of
presentation for payment at the treasury or other place at which
the warrant may be payable until there are sufficient funds in
the treasury for payment. The rate of interest shall be
established by the governmental entity based upon market
conditions at the time of presentation of the warrant for
payment and shall be stated within the warrant. No rate of
interest shall be allowed or paid upon a warrant except as
established under this section.
(b) Each state or county treasurer or municipal officer
authorized to act as treasurer, to whom a warrant is presented
for payment and funds in the treasury are insufficient to pay
the warrant, shall endorse the words "not paid, for want of
funds" and officially sign and date the warrant.