Section 33681.11 Of Article 7. School Finance From California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 6. >> Article 7.
33681.11
. (a) In lieu of the remittance required by Section
33681.9, during the 2003-04 fiscal year, a legislative body may,
prior to May 10, 2004, remit an amount equal to the amount determined
for the agency pursuant to subparagraph (I) of paragraph (2) of
subdivision (a) of Section 33681.9 to the county auditor for deposit
in the county's Educational Revenue Augmentation Fund created
pursuant to Article 3 (commencing with Section 97) of Chapter 6 of
Part 0.5 of Division 1 of the Revenue and Taxation Code.
(b) The legislative body may make the remittance authorized by
this section from any funds that are legally available for this
purpose. No moneys held in an agency's Low and Moderate Income
Housing Fund shall be used for this purpose.
(c) If the legislative body, pursuant to subdivision (d) of
Section 33681.9, reported to the county auditor that it intended to
remit the amount in lieu of the agency and the legislative body fails
to transmit the full amount as authorized by this section by May 10,
2004, the county auditor, no later than May 15, 2004, shall transfer
an amount necessary to meet the obligation from the legislative body'
s property tax allocation pursuant to Chapter 6 (commencing with
Section 95) of Part 0.5 of Division 1 of the Revenue and Taxation
Code. If the amount of the legislative body's property tax allocation
is not sufficient to meet this obligation, the county auditor shall
transfer an additional amount necessary to meet this obligation from
the property tax increment revenue apportioned to the agency pursuant
to Section 33670, provided that no moneys allocated to the agency's
Low and Moderate Income Housing Fund shall be used for this purpose.