Whenever the city treasurer shall have money on hand and there shall be outstanding warrants, the city treasurer shall forthwith cause to be published in the official paper a notice designating by numbers the warrants which the city treasurer is prepared to pay. If such warrants so designated be not presented to the treasurer for payment, the interest upon the same shall cease from the date of the first publication of said notice. The treasurer shall retain funds sufficient to redeem said warrants in their order with interest up to the date of publication of said notice. (Prior code § 1.64.030.)