(1) A cause of action existing against a county by virtue of its bonded obligation for the payment of money, after the county has in good faith offered to redeem the obligations that have matured by the payment in full of all principal and interest due, expires and becomes ineffective at the end of three (3) years after the offer.
(2) A cause of action for payment of any warrant of the Commonwealth expires and becomes noneffective unless brought within two (2) years after the Commonwealth has in good faith offered to redeem the warrant by payment in full of all interest and principal due.