1. By resolution of the legislative body adopted by a majority vote any money in the redevelopment revolving fund may be expended from time to time for:
(a) The acquisition of real property in any redevelopment area.
(b) The clearance, aiding in relocation of occupants of the site and preparation of any redevelopment area for redevelopment.
2. By resolution of the legislative body adopted by a two-thirds vote, any money in the redevelopment revolving fund may be paid to the agency, upon such terms and conditions as the legislative body may prescribe for any of the following purposes:
(a) Deposit in a trust fund to be expended for the acquisition of real property in any redevelopment area.
(b) The clearance of any redevelopment area for redevelopment.
(c) Any expenses necessary or incidental to the carrying out of a redevelopment plan which has been adopted by the legislative body.
(d) For the provision of grants to pay the costs related to the improvement of educational facilities in the community, except for the cost of any regular expenses of such an educational facility.