(a)

(1) During the 2002–03 fiscal year, a redevelopment agency shall, prior to May 10, remit an amount equal to the amount determined for that agency pursuant to subparagraph (

I) of paragraph (2) 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.

(2) For the 2002–03 fiscal year, on or before October 1, the Director of Finance shall do all of the following: (

A) Determine the net tax increment apportioned to each agency pursuant to

Section 33670, excluding any amounts apportioned to affected taxing agencies pursuant to

Section or 33676, in the 2000–01 fiscal year. (

B) Determine the net tax increment apportioned to all agencies pursuant to

Section 33670, excluding any amounts apportioned to affected taxing agencies pursuant to

Section or 33676, in the 2000–01 fiscal year. (

C) Determine a percentage factor by dividing thirty-seven million five hundred thousand dollars ($37,500,000) by the amount determined pursuant to subparagraph (B). (

D) Determine an amount for each agency by multiplying the amount determined pursuant to subparagraph (

A) by the percentage factor determined pursuant to subparagraph (C). (

E) Determine the total amount of property tax revenue apportioned to each agency pursuant to

Section 33670, including any amounts apportioned to affected taxing agencies pursuant to

Section or 33676, in the 2000–01 fiscal year. (

F) Determine the total amount of property tax revenue apportioned to all agencies pursuant to

Section 33670, including any amounts apportioned to affected taxing agencies pursuant to

Section or 33676, in the 2000–01 fiscal year. (

G) Determine a percentage factor by dividing thirty-seven million five hundred thousand dollars ($37,500,000) by the amount determined pursuant to subparagraph (F). (

H) Determine an amount for each agency by multiplying the amount determined pursuant to subparagraph (

E) by the percentage factor determined pursuant to subparagraph (G). (

I) Add the amount determined pursuant to subparagraph (

D) to the amount determined pursuant to subparagraph (H). (

J) Notify each agency and each legislative body of the amount determined pursuant to subparagraph (I). (

K) Notify each county auditor of the amounts determined pursuant to subparagraph (

I) for each agency in his or her county. (b)

(1) Notwithstanding Sections 33334.2, 33334.3, and 33334.6, and any other provision of law, in order to make the full allocation required by this section, an agency may borrow up to percent of the amount required to be allocated to the Low and Moderate Income Housing Fund pursuant to Sections 33334.2, 33334.3, and 33334.6 during the 2002–03 fiscal year, unless executed contracts exist that would be impaired if the agency reduced the amount allocated to the Low and Moderate Income Housing Fund pursuant to the authority of this subdivision.

(2) As a condition of borrowing pursuant to this subdivision, an agency shall make a finding that there are insufficient other moneys to meet the requirements of subdivision (a). Funds borrowed pursuant to this subdivision shall be repaid in full within years following the date on which moneys were borrowed. (

c) In order to make the allocation required by this section, an agency may use any funds that are legally available and not legally obligated for other uses, including, but not limited to, reserve funds, proceeds of land sales, proceeds of bonds or other indebtedness, lease revenues, interest, and other earned income. No moneys held in a low- and moderate-income fund as of July of that fiscal year may be used for this purpose. (

d) The legislative body shall by March report to the county auditor as to how the agency intends to fund the allocation required by this section. (

e) The allocation obligations imposed by this section, including amounts owed, if any, created under this section, are hereby declared to be an indebtedness of the redevelopment project to which they relate, payable from taxes allocated to the agency pursuant to

Section 33670, and shall constitute an indebtedness of the agency with respect to the redevelopment project until paid in full. (

f) It is the intent of the Legislature, in enacting this section, that these allocations directly or indirectly assist in the financing or refinancing, in whole or in part, of the community’s redevelopment projects pursuant to

Section of

Article XVI of the California Constitution. (

g) In making the determinations required by subdivision (a), the Director of Finance shall use those amounts reported as the “Tax Increment Retained by Agency” for all agencies and for each agency in Table of the 2000–01 fiscal year Controller’s State of California Community Redevelopment Agencies Annual Report. (

h) If revised reports have been accepted by the Controller on or before January 1, 2003, the Director of Finance shall use appropriate data that has been certified by the Controller for the purpose of making the determinations required by subdivision (a).