(a) Until a final resolution of dissolution for the successor agency to the former Orange County Development Agency has been submitted to the Orange County Auditor-Controller pursuant to subdivision (f) of Section 34187, the Orange County Auditor-Controller shall allocate property tax revenues attributable to the El Toro Project Area between the Redevelopment Property Tax Fund established for the former Orange County Development Agency and the Redevelopment Property Tax Trust Fund established for the former Lake Forest Redevelopment Agency as follows: (1) All property tax revenues deposited by the Orange County Auditor-Controller pursuant to paragraph (1) of subdivision (c) of Section 34182 during each fiscal year that are attributable to the Neighborhood Preservation and Development Project Area, including the El Toro Project Area, shall initially be placed into the Redevelopment Property Tax Trust Fund for the former Orange County Development Agency. (2) After deducting the administrative costs allowed under Section 34182 and Section 95.3 of the Revenue and Taxation Code, as described in subdivision (a) of Section 34183, and remitting the amounts required under paragraph (1) of subdivision (a) of Section 34183, the Orange County Auditor-Controller shall transfer the sum of both of the following, determined for the entire fiscal year, into the redevelopment obligation retirement fund of the successor agency to the Orange County Development Agency for distribution as required by law and applicable bond covenants: (A) The amount required by Section 33670.9. (B) All other obligations secured by a prior claim on, or pledge of, moneys in the Redevelopment Property Tax Trust Fund of the former Orange County Development Agency, including tax allocation bonds, as applicable, that are payable on a basis prior to any transfer to the former Lake Forest Redevelopment Agency pursuant to the transfer agreement or pursuant to Part 1.8 (commencing with Section 34161), this part, or other law. (3) After depositing the amount described in paragraph (2) into the redevelopment obligation retirement fund of the successor agency to the Orange County Development Agency, the Orange County Auditor-Controller shall deposit into the Redevelopment Property Tax Trust Fund established for the former Lake Forest Redevelopment Agency the transfer agreement amount, as set forth in the applicable Recognized Obligation Payment Schedule submitted by the successor agency to the Orange County Development Agency and approved by the Department of Finance, to the extent moneys are available from the portion of the former Orange County Development Agencyâs Redevelopment Property Tax Trust Fund attributable to the El Toro Project Area. (4) The payment described in paragraph (3) shall be paid prior to all payments listed on the recognized obligation payment schedule of the successor agency to the former Orange County Development Agency other than the payments described in paragraph (2), unless otherwise required by statute or applicable bond covenants. (b) Upon receipt of the final resolution of dissolution for the successor agency to the former Orange County Development Agency submitted pursuant to subdivision (f) of Section 34187, the Orange County Auditor-Controller shall allocate property tax revenues attributable to the El Toro Project Area, to the Redevelopment Property Tax Trust Fund for the former Lake Forest Redevelopment Agency and allocate money in this fund pursuant to Section 34183. (c) This section is intended to implement the transfer agreement in light of the enactment of Part 1.8 (commencing with Section 34161) and this part and the dissolution of the successor agency to the former Orange County Development Agency. Notwithstanding Section 34187, the allocation of revenues into the Redevelopment Property Tax Trust Fund established for the former Lake Forest Redevelopment Agency pursuant to the transfer agreement and the listing of those payments by th
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