(

a) In any county electing to follow the procedure authorized by this chapter, the board of supervisors may, by October of any fiscal year, on the recommendation of the county auditor, adopt a resolution electing to be governed by this

section rather than the provisions of

Section 4703. Upon adoption, a copy of this resolution shall be filed with the county auditor, the county treasurer, and the county tax collector. Except as otherwise provided in this subdivision, this election shall remain in effect each fiscal year unless the board of supervisors adopts another resolution by October of a fiscal year electing to be governed instead by

Section 4703. For the 1993–94 fiscal year only, the election to be governed by this

section rather than

Section may be made no later than January 15, 1994. For the 1994–95 fiscal year only, an election to be governed by this

section rather than

Section may be rescinded, upon the recommendation of the county auditor, by a resolution electing governance under

Section that is adopted by the board of supervisors on any date during that fiscal year. (

b) In each county that elects to adopt the procedure authorized by this

chapter and elects to be governed by this

section rather than

Section there shall be created a tax losses reserve fund. (

c) The tax losses reserve fund shall be used exclusively, as hereinafter provided, to cover losses that may occur in the amount of tax liens as a result of special sales of tax-defaulted property. In a county electing to be subject to this

section rather than

Section 4703, the tax losses reserve fund shall be maintained at not less than percent of the total delinquent secured taxes and assessments for participating entities in the county as calculated at the end of the fiscal year. At the end of the fiscal year, amounts in the tax losses reserve fund that are in excess of percent of the total delinquent secured taxes and assessments for participating entities in the county may be credited to the county general fund. (

d) The auditor and treasurer shall keep apportioned tax resources accounts in such a manner that the balance of amounts apportioned to funds on an accrual basis shall be known by both officers. In addition, the auditor shall keep secured taxes receivable accounts in such a manner as to establish accountability for the amounts receivable on the secured tax rolls. Secured tax rolls as used in this

chapter include delinquent rolls prescribed by

Section 2627.