Effective Date, Creation of Funds, and Definition of Terms
Applied in 2 court decisions — leading case City of Montclair v. Cohen (2018)
Most recently applied in City of Montclair v. Cohen (February 2018)
Added by Stats. 2011, 1st Ex
(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.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.