A. Preparation Of Book: It shall be the duty of the City Clerk to prepare a book of records which shall be known as the "Register of Special Improvement District and Sewer Warrants", and whenever a special improvement or sewer district is created and designated by proper number, it shall be the duty of the City Clerk to open in said book of registration, an account with each special improvement or sewer district, giving such account its proper number and he shall enter in said book of registration a proper record of all special improvement district or sewer warrants presented to him for registration or payment, issued under their respective districts, as in the manner provided in subsection 3-1-2A of this Chapter.
B. Credit Accounts: It is further prescribed as the duty of the City Clerk to credit each special improvement and sewer district account from time to time as the same is paid with all taxes and assessments which may be collected by him on account of special taxes or assessments levied against the respective special improvement and sewer districts, and he shall apply the fund so collected in the following manner:
1. First: From the monies collected on account of any special improvement or sewer district, in each year, he shall provide for the payments of interest on or before January 1, in each year, to that date on any and all outstanding warrants of each respective special improvement and sewer district, whereon interest has not ceased, by reason of said warrants being called for payment, and shall endorse said payment of interest on the reverse side of each warrant with the interest so paid, or by taking up and cancelling the interest coupons representing such interest if any such coupons be attached to said warrants. The first payment of interest shall be computed for the period from date of registration of each of said warrants to January 1 next succeeding such date of registration and annually thereafter.
2. Second: Out of the remainder of any funds to the credit of such respective improvement or sewer districts, the City Clerk shall then call in and pay warrants to the amount of such monies on hand available for the purpose, so far as such funds will pay and retire the amount that may be due, with accrued interest, to date of call for redemption and payment, fixing by notice the date whereon the interest shall cease upon such warrant and it shall be the duty of the City Clerk to note upon such register the date of call and to notify the holders of said warrants by letter, if known, or by publication in a paper of general circulation published in the City, the call for the redemption of said warrants and the date when interest on said warrants shall cease. (1977 Code § 3.04.040)