Whenever the City Controller draws his or her warrant upon the
City Treasurer payable out of any fund in the City Treasury and such
warrant represents an amount in excess of the unapplied money in the
fund upon which such warrant is drawn, the City Controller shall,
upon the date that such warrant is drawn, present such warrant to
the City Treasurer, who shall endorse upon the back thereof the expression
"Registered" and the date of presentation by the City Controller and
that the same is not paid for want of money in the fund upon which
such warrant is drawn, and bears interest at the rate of five percent
per annum from the date of such registration to and including the
date upon which the City Treasurer advertises that such warrant is
payable upon presentation, and said City Treasurer shall thereupon
sign the same. Endorsement by the City Treasurer in the manner hereinabove
prescribed and making of the original entries in the register account
herein required shall constitute the registration of such warrant.
The City Treasurer shall keep a separate warrant register account
for each of the funds in the City Treasury against which warrants
are registered under this Chapter and the City Treasurer shall stamp
on said warrant register the number of any warrant and the date on
which it is registered, and the date and the amount of such warrant
and the name of the original holder thereof, the account on which
said warrant is allowed and out of what fund it is payable, and the
total deficiency in the fund. Subsequently, he or she shall enter
the date on which such warrant is advertised as payable.
(Prior code § 2400)
After the registration thereof, the City Treasurer shall return
such warrant to the City Controller for distribution, and such warrant
shall thereupon bear interest at the rate of five percent from the
date of registration until and including the date of publication of
a notice, as hereinafter provided for, to the effect that such warrant
is payable upon presentation.
(Prior code § 2401)
Whenever from time to time there are sufficient moneys in any
fund in the City Treasury, upon which warrants have been drawn and
registered, to pay, in the order of their priority, all or at least
five or more of the registered warrants outstanding against such fund,
together with interest thereon as herein provided, the City Controller
shall notify the City Treasurer of such fact and of the numbers of
warrants which can be so redeemed.
The City Treasurer shall immediately publish notice that such
warrants are redeemable, by advertising once in the official newspaper
of the City.
Said notice shall read substantially as follows:
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"NOTICE TO HOLDERS OF CITY OF SANTA MONICA WARRANTS.
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City of Santa Monica Warrants, Registration Number _____ to
Registration Number _____ inclusive drawn on the City Treasurer of
the City of Santa Monica are payable upon presentation to the City
Treasurer of the City of Santa Monica.
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(Name of City Treasurer)
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City Treasurer of the City of Santa Monica, California."
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Warrants registered in accordance provisions hereof shall cease
to bear interest on the date following the day on which said advertisement
appears. Warrants registered as provided herein, together with interest
thereon as herein provided, shall constitute a prior lien, in the
order of registration of such warrants, on any moneys thereafter received
into the fund in the City Treasury upon which such warrants are drawn,
and such warrants and interest thereon, as herein provided, shall
be paid in the order of their registration; provided that such registered
warrants, and interest thereon, as herein provided, shall not take
priority over unregistered warrants drawn upon the same fund and outstanding
at the time of such registration. No money shall be withdrawn or paid
from any fund in the City Treasury upon which warrants have been drawn
and registered, except to pay registered warrants drawn thereon, in
the order of their priority, together with interest thereon as herein
provided, or to pay unregistered warrants drawn on said fund and outstanding
at the time of such registration, until all of the registered warrants
drawn on such fund have been paid. Interest on each registered warrant
as herein provided shall have the same priority as the registered
warrant upon which it is payable.
(Prior code § 2402)
Upon the presentation of any registered warrant to the City
Treasurer for payment, after said City Treasurer has published notice
that such warrant is redeemable, the City Treasurer shall pay to the
payee of said warrant, or his or her assignee, the amount for which
said warrant is drawn, together with interest thereon at the rate
of five percent per annum from the date of the registration of said
warrant to and including the date upon which said City Treasurer advertised
that such warrant would be payable upon presentation, said interest
to be paid from the same fund out of which the principal of said warrant
is paid, and the City Treasurer shall be entitled to credit for the
amount of interest so paid.
For the purpose hereof, "unapplied money" means money in any
fund in the City Treasury for which outstanding warrants have not
already been drawn, and which would remain in such fund if all outstanding
warrants drawn upon such fund were paid.
(Prior code § 2403)
