(1) The county shall pledge its full faith and credit for the repayment of a loan pursuant to this chapter.
(2) In the event any county having entered into a loan contract pursuant to this chapter fails to remit funds in accordance with any amortization schedule established for the loan, the commissioner of finance and administration shall deliver by certified mail a written notice of the failure to the county. In the event the county fails to remit the amount set forth in the notice within sixty (60) days of the receipt of the notice, the commissioner of finance and administration may, without further authorization, withhold that sum or part of that sum from any state-shared taxes that are otherwise apportioned to the county.