Section 33681.14 Of Article 7. School Finance From California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 6. >> Article 7.
33681.14
. (a) In lieu of the remittance required by Section
33681.12, during either the 2004-05 or 2005-06 fiscal year, a
legislative body may, prior to May 10 of the applicable fiscal year,
remit an amount equal to the amount determined for the agency
pursuant to subparagraph (I) of paragraph (2) of subdivision (a) of
Section 33681.12 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 33681.12, 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
of the applicable fiscal year, the county auditor, no later than May
15 of the applicable fiscal year, shall transfer an amount necessary
to meet the obligation from the legislative body's allocations
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 allocations are 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.