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The no-fund warrants shall be issued and registered as provided by K.S.A. 79-2940 and bear interest at not to exceed the maximum rate of interest prescribed by K.S.A. 10-1009 until paid. It shall be sufficient that the warrants recite that they are issued under the authority of the City Council and by virtue of this chapter. Such warrants shall be redeemed and paid by the County Treasurer as provided by law. (Code 1981 § 35-45. Code 1995 § 126-100.)