(

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 of

Part 0.5 of Division 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 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.