97.47.
(a) Notwithstanding any other provision of law, for the 2004–05 fiscal year, the auditor of a qualified county shall increase the amount of ad valorem property tax revenue allocated to that county by the county equity amount, and decrease the amount of ad valorem property tax revenue allocated to that county’s Educational Revenue Augmentation Fund by this same amount. Any additional ad valorem property tax revenues that are allocated to a qualified county pursuant to this subdivision are deemed countywide property tax revenues.(b) For the 2005–06 fiscal year and each fiscal year thereafter, ad valorem property tax revenue allocations made pursuant to Sections 96.1 and 96.5 shall fully incorporate the allocation adjustments made by this section.
(c) Any reduction in the amount of ad valorem property tax revenues deposited in the county’s Educational Revenue Augmentation Fund as a result of subdivision (a) shall be applied exclusively to reduce the amounts that are allocated from that fund to school districts and county offices of education, and may not be applied to reduce the amounts of ad valorem property tax revenues that are allocated from that fund to community college districts.
(d) For purposes of this section:
(1) “Qualified county” means a county that, for the 2001–02 fiscal year, was allocated, in sum of the total amounts allocated to that county as countywide and less than countywide property tax revenues as reported to the Controller for that fiscal year pursuant to Section 29109 of the Government Code, less than 11 percent of that county’s total ad valorem property tax revenue.
(2) “County equity amount” means the difference between the following two amounts:
(A) Eleven percent of the total ad valorem property tax revenue allocated in a qualified county for the 2001–02 fiscal year.
(B) The amount of ad valorem property tax revenue that was allocated to the qualified county, for the 2001–02 fiscal year, in sum of the total amounts allocated to that county as countywide and less than countywide property tax revenues as reported to the Controller for that fiscal year pursuant to Section 29109 of the Government Code. If a county of the second class is a qualified county for purposes of this section, the amount of ad valorem property tax revenue allocated to that county for the 2001–02 fiscal year includes ad valorem property tax revenues allocated to the Orange County Fire Authority as less than countywide property tax revenues.
(3) Notwithstanding paragraph (2), the “county equity amount” for a qualified county that is a county of the second class shall not exceed four million two hundred thousand dollars ($4,200,000).
(4) “Total ad valorem property tax revenue” means the total amount of ad valorem property tax revenue, derived from property on the secured roll and unsecured roll and from state reimbursement for the homeowners’ exemption, allocated within a qualified county for the 2001–02 fiscal year, including ad valorem property tax revenue allocated to a redevelopment agency.