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