(a) The successor agency shall create within its treasury a Redevelopment Obligation Retirement Fund to be administered by the successor agency.

(b) The county auditor-controller shall create within the county treasury a Redevelopment Property Tax Trust Fund for the property tax revenues related to each former redevelopment agency, for administration by the county auditor-controller.

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Terms Used In California Health and Safety Code 34170.5

  • County: includes city and county. See California Health and Safety Code 14
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

(Added by Stats. 2011, 1st Ex. Sess., Ch. 5, Sec. 7. (AB 26 1x) Effective June 29, 2011. Operative February 1, 2012.)

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