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The Redevelopment Obligation Retirement Fund is established to receive and expend the revenues received from the liquidation of funds and assets of the former Alhambra Redevelopment Agency. The use of such funds is limited to the payment of enforceable obligations and the distribution to other taxing entities, all subject to the approval of the State Department of Finance, pursuant to provisions of the California Health and Safety Code.
(Ord. 4609, passed 12-10-12)