1. (1) Upon approval by the state treasurer of a taxpayer's application to participate in the property tax deferral program, the state treasurer shall make a loan to the taxpayer in the amount certified as deferred in the taxpayer's certificate of deferral. The loan shall be disbursed to a county treasurer on behalf of the taxpayer pursuant to section 39-3.5-106 and shall be made from the moneys on deposit in the state treasury that are not immediately required to be disbursed.
2. (2) Interest on a loan for property tax deferral shall accrue at the rate specified in section 39-3.5-105 (5). The interest shall accrue beginning May 1 of the calendar year in which the deferral is claimed until the date on which the loan is repaid.

Source: L. 2002: Entire section added, p. 637, § 1, effective July 1. L. 2022: (2) amended, (SB 22-220), ch. 388, p. 2761, § 7, effective June 7.