11-635 - Arizona Statutes

11-635. Warrants and substitute checks unpaid for lack of funds; interest; definitions A. If a revolving line of credit has not been obtained for a political subdivision or if the revolving line of credit has been expended, the treasurer shall write or stamp on the face of the warrant or substitute check "not paid for lack of funds" and the date of presentation, and from that time until it is paid, the warrant or substitute check shall bear no more than ten per cent interest per year. B. The treasurer shall keep a register of warrants and substitute checks presented for payment. C. For the purposes of this section, "substitute check" and "warrant" have the same meanings prescribed in section 9-249.