Section 311.508 - Disposition of interest on late payments; certification of estimated interest(1) Except as provided under subsection (2) of this section and notwithstanding ORS 311.505(5): (a) Twenty-five percent of the interest charged and collected under ORS 311.505 shall be deposited and credited to the County Assessment and Taxation Fund created under ORS 294.187; and(b) An additional 25 percent of the interest charged and collected under ORS 311.505 shall be deposited and credited to the County Assessment and Taxation Fund created under ORS 294.187 to the extent the interest would otherwise be distributed to cities or other taxing districts that are not counties or districts within the public school system.(2) On or before June 15 of each year, the Department of Revenue shall estimate the amount of interest that will be deposited and credited to the County Assessment Function Funding Assistance Account created under ORS 294.184 for the ensuing fiscal year. If the estimate is less than $13 million, the department shall certify to each county treasurer an increase in the percentage specified under subsection (1)(a) of this section to the end that the estimate reaches $13 million. However, no increase in percentage shall be certified that will raise and make available for deposit and credit to the County Assessment Function Funding Assistance Account for the ensuing fiscal year an amount that is in excess of $3 million over the amount estimated under this subsection to be received under subsection (1)(a) of this section for the ensuing fiscal year.(3) Upon receipt of certification from the department under subsection (2) of this section, the county treasurer shall deposit and credit to the County Assessment and Taxation Fund for the fiscal year to which the certification applies the percentage of the interest charged and collected under ORS 311.505 so certified.(4) The percentage of the interest on unpaid taxes and penalties required to be deposited and credited to the County Assessment and Taxation Fund under this section shall be deposited and credited in the same manner that the remaining interest is deposited and credited under ORS 311.385.1989 c.796 §12; 1991 c.459 §255; 1997 c.782 §10; 1999 c.701 §2