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Whenever any warrants hereafter drawn upon the treasury of the city to be paid from local improvement district fund, on which said warrant was drawn is presented to the city treasurer for payment, and there shall not be moneys in said fund with which to pay the same the treasurer shall endorse on said warrant the words “not paid for want of funds” with the day and date of such presentation and from the date of the delinquency of the assessments in the district on which said warrant is drawn, said warrant shall draw interest at the rate of eight percent per annum. (Prior code § 1.64.010.)