(a)
(1) Upon request by any city or county having an unpaid balance on a loan previously made from state funds for a prior reappraisal program, the remaining unpaid balance on the prior reappraisal loan shall be added to any new loan made from state funds to a city or county to finance a new reappraisal program, and repayment will follow the repayment schedule of the new reappraisal program.
(2) The remaining unpaid balance on the prior reappraisal loan shall be repaid at the same rate of interest as provided for in the original note.
(b)
(1) Any new loan to any county or city shall be repayable to the state in five (5) annual installments with interest at an annual rate of six percent (6%).
(2) The first payment shall be due one (1) year from the date the reappraisal program is completed and approved by the director of the division of property assessments.
(c) In the event of a default by a county or city in the repayment of loans provided by the state, the director of the division of property assessments shall notify the commissioner of finance and administration of the default and the amount thereof; whereupon, the commissioner shall pay over to the state out of any revenue due the general fund of the defaulting county sums to pay the amount in arrears.
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