(a) Except as provided in subdivision (b), the Department of Finance shall submit to the Legislature, in bill format, on or before January 10, 2013, a proposal that provides a detailed spending plan for the expenditure of moneys in the fund that includes the components specified in subdivision (b).
(b) Subdivision (a) shall not apply if the Legislature passes a bill on or before August 31, 2012, that becomes law specifying a process for the establishment of the long-term spending strategy for moneys in the fund that includes all of the following components:
(1) Criteria and requirements for use of these moneys.
(2) Establishment of program categories eligible for funding.
(3) The specification of a public process that the State Air Resources Board shall use to develop the strategy.
(4) The role of the Legislature in reviewing the strategy.