(a) Whenever the City does not have sufficient money in its treasury to meet all necessary expenses and liabilities, including expenses for building purposes, Council may issue and sell warrants drawn against and in anticipation of taxes already levied for the particular funds from which such expenses and liabilities may be paid, to the extent of seventy-five percent of the total amount of such taxes. Tax anticipation warrants drawn and issued under this section shall show, on their face, that they are payable in the numerical order of their issuance solely from anticipated taxes when such anticipated taxes are collected and not otherwise. Warrants shall be received by any collector of taxes in payment of the taxes against which such warrants are issued, and the taxes against which such warrants are drawn shall be set apart and held for payment of the same.
(1942 Code Chap. XVI, Sec. 7)
(b) Each warrant issued under subsection (a) hereof may be made payable at the time fixed in the warrant and shall bear interest, payable only out of taxes against which it is drawn, at the rate of six percent annually from the date of its issuance until paid or until notice is given by publication, in a newspaper or otherwise, that the money for its payment is available and that it will be paid on presentation. However, a lower rate of interest may be specified in the warrant, in which case the interest shall be computed and paid at the lower rate.
(1942 Code Chap. XVI, Sec. 8)