(A) Whenever there is not sufficient money in the Treasury of the city to meet and defray the ordinary and necessary expenses of the city, it shall be lawful for the City Council to provide a fund to meet the expenses by issuing and selling warrants drawn against and in anticipation of any taxes already levied for the payment of the ordinary and necessary expenses of the city, to the extent of 85% of the total amount of any tax so levied. Warrants drawn and issued under this provision shall show upon their face that they are payable in the numerical order of their issuance solely from the anticipated taxes when these taxes are collected and not otherwise. These warrants shall be received by any collector of taxes in payment of the taxes against which they are issued, and the taxes against which these warrants are drawn shall be set apart and held for their payment. (ILCS Ch. 65, Act 5 § 8-1-11) (‘69 Code, § 2-13)
(B) Every warrant issued under division (A) shall, unless paid within 30 days after its issuance, bear interest, payable only out of the taxes against which it shall be drawn, at the applied rate per annum as provided by law 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. (ILCS Ch. 65, Act 5 § 8-1-12) (‘69 Code, § 2-14)