If at the time any bond, warrant or coupon is drawn against any local improvement fund and presented to the Municipality for payment, there is not a sufficient amount in the Local Improvement Fund to pay the same, unless otherwise requested by the holder, payment thereof shall be made by warrant drawn against the Local Improvement Guarantee Fund. If not paid, such warrant shall be registered and draw interest at a rate of five percent (5%) per year. (prior code §1-22-4)