Funds allocated for a project shall be disbursed to the local agency upon certification to the Controller when the executive officer of the board has determined both of the following:
(a) All required approvals of the projects have been granted.
(b) The local agency has subsequent to the effective date of this section, committed the expenditure through the granting of a contract or the authorization of an agreement which requires the payment of funds.
(Added by Stats. 1996, Ch. 277, Sec. 2. Operative January 1, 1998.)