Sec. 60. (a) A statement showing the amount of the reduction of the installments shall be certified to the disbursing officer if:
(1) the property is sold by the sheriff under this chapter and the money collected is insufficient to pay the principal and interest in full; or
(2) a court orders a reduction of principal and interest as assessed.
(b) Upon the receipt of the statement, the disbursing officer shall do the following:
(1) Calculate the reduction that applies to each installment.
(2) Enter on the bonds the amount of the reduction when the bonds are presented for payment.