Examination of return by department; distribution of tax

(1) The Department of Revenue shall examine and determine as to the correctness of the return and taxes on the association’s gross revenue forwarded pursuant to ORS 308.810 and if found correct shall thereupon remit the tax so received to the treasurers of the counties in which the association has electric transmission and distribution lines in proportion to the number of wire miles in each of such counties. (2) If the taxes so received by the treasurers of the respective counties are measured by gross revenue they shall be credited as follows: (a) For payments due July 1, 1992: (A) 60 percent to the county school fund. (B) 40 percent to the general fund of the county. (b) For payments due July 1, 1993: (A) 55.6 percent to the county school fund. (B) 44.4 percent to the general fund of the county. (c) For payments due July 1, 1994: (A) 50 percent to the county school fund. (B) 50 percent to the general fund of the county. (d) For payments due July 1, 1995: (A) 42.9 percent to the county school fund. (B) 57.1 percent to the general fund of the county. (e) For payments due July 1, 1996, and thereafter: (A) 33.3 percent to the county school fund. (B) 66.7 percent to the general fund of the county. (3) If the amount of the taxes was determined under ORS 308.807 (2) they shall be deposited in the unsegregated tax collections account and distributed according to the percentage distribution schedule in ORS 311.390. (4) If the return or taxes are found to be incorrect, the department shall notify the association of the error, and refund any overpayment or demand payment of any deficiency.