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XII. <br /> <br />XIII. <br /> <br />XIV. <br /> <br />attempted assignment or transfer, the City shall have no fur- <br />ther liability hereunder; nor shall any payments be subject <br />to attachment, garnishment or execution, or be transferable <br />by operation of law in event of bankruptcy, insolvency, except <br />to the extent otherwise provided by law, notwithstanding the <br />above clause. <br /> <br />PROHIBITION AGAINST FUNDING - If the city shall acquire a vari- <br />able annuity or life insurance contract or any other asset in <br />connection with the liabilities assumed by it hereunder it is <br />expressly understood and agreed that neither the Participant <br />nor any beneficiary of the Participant shall have any right <br />with respect to, or claim against, such contract(s) or other <br />asset(s). Such contract(s) or other asset(s) shall not be <br />held under any trust for the benefit of the Participant or <br />his beneficiaries or held in any way as collateral security <br />for the fulfilling of the obligations of the City under this <br />Agreement. Such contract(s) or other asset(s) shall be, and <br />remain, a general, unpledged, unrestricted asset of the City. <br /> <br />Ail funds and assets together with interest, accumulations and <br />increments thereon of the Deferred Compensation Plan shall re- <br />main an asset of the City and shall be subject to City's owner- <br />ship until such time as the funds or assets of said plan are <br />distributed to the Participant. The obligation of the City to <br />the Participant for payment of the Deferred Compensation and <br />increments thereon referred to in this Plan is a contractual <br />obligation only and Participants shall have no preferred or <br />specific interest, by way of trust, escrow, annuity or other- <br />wise, in and to the specific assets or funds of the plan. The <br />amount of payments under this Plan shall be determined by the <br />City in an actuarial sound manner and may be adjusted from time <br />to time to insure continued actuarial soundness. The provisions <br />of this paragraph shall supersede and control any other provi- <br />sion of this Plan which could be interpreted to be in conflict <br />herewith. It is also understood that the Plan in no way abro- <br />gates the City's or the Employee's rights to terminate employ- <br />ment at any time, with or without cause. <br /> <br />APPLICABLE LAW - This Agreement shall be construed under the <br />law of the State of California. <br /> <br />IN WITNESS WHEREOF, the City has caused this Agreement to be <br />signed by its duly authorized Officer and attested by its <br />Clerk as amended on the lk~h day of March , 1973 . <br /> <br />ATTEST: CITY OF SANTA ANA: <br /> <br />CITY CLERK <br /> <br />MAYOR <br /> <br />- 7 <br /> <br /> <br />