The governing authority of any county or municipality incurring indebtedness under this chapter is hereby authorized to annually levy a millage on all of the taxable property of such political subdivision at any time after the indebtedness is incurred in an amount sufficient to repay any such indebtedness, and it shall not be charged against the existing authority as to limitations of millage for local governmental purposes. In the event that such indebtedness has not been repaid in accordance with the contract, the agricultural and industrial board shall determine that there is a default in the terms of the promissory note, including interest due thereon, shall enter an order to that effect upon its official minutes, and shall send a certified copy of said order by certified mail to the governing authority of such political subdivision and to the state tax commission. If the default is not satisfied within ninety (90) days after such certified notice, the state tax commission shall deduct from any funds held by the state for disbursement to said political subdivision such amount as is in default, and shall remit it to the agricultural and industrial board for deposit into the industrial development fund.