(1) Upon determining the amount of deferred taxes on tax-deferred property for the tax year, subject to available funds, the Department of Revenue shall pay to the respective county tax collectors an amount equivalent to the deferred taxes, less three percent, from the revolving account established under ORS § 311.701.

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(2) The department shall maintain accounts for each deferred property and shall accrue interest only on the actual amount of taxes advanced to the county. [1963 c.569 § 24; 1967 c.335 § 35; 1967 c.494 § 1; 1971 c.572 § 2; 1977 c.160 § 6; 1979 c.678 § 2; 1980 c.19 § 8; 1983 c.550 § 14; 1999 c.1097 § 4; 2001 c.184 § 2; 2001 c.753 § 27; 2011 c.723 § 6]

[1967 c.335 § 34; repealed by 1977 c.160 § 19]