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lY' � ��✓� <br /> responsibility for Plan leuel accounting for each Agency Trust, based upon the <br /> Omnibus Account(s), shall be that of the Trust Administrator. <br /> 2.9 No Diversion of Assets - <br /> The Assets in each Agency Trust shall be held in trust for the exclusive purpose <br /> of providing benefits to the Participants of the Plan for which the Agency Trust is <br /> holding assets and defraying the reasonable expenses of such Plan. The Assets <br /> shall not be used for or diverted to, any other purpose. <br /> 2.10 Type and Nature of Trust <br /> Neither the full faith and credit nor the taxing power of each Member Agency, the <br /> State of Catifomia or any political subdivision thereof other than each Member <br /> Agency is pledged to the distribution of benefits hereunder. Except for <br /> contributions and other amounts hereunder, no other amounts are pledged to the <br /> distribution of benefits hereunder. Distributions of benefits are neither general <br /> nor special obligations of any Member Agency, but are payable solely from the <br /> Assets of each Agency Trust, as more fully described herein. No employee of <br /> any Member Agency or beneficiary may compel the exercise of the taxing power <br /> by any Member Agency. . <br /> Distributions of Assets under any Agency Trust are not debts of any Member <br /> Agency, the State of California or any of its political subdivisions within the <br /> meani.ng of any constitutional or statutory limitation or restriction. Such <br /> distributions are not legal or equitable pledges, charges, liens or encumbrances, <br /> upon any of a Member Agency's property, or upon any of its income, receipts, or <br /> revenues, except amounts in the accounts which are, under the terms of each <br /> Plan, Agency Trust and the Act, set aside for distributions. Neither the members <br /> of the legislative body of any Member Agency nor its officers, employees, agents <br /> or volunteers are liable hereunder. <br /> Article III <br /> ADMINISTRATIVE MATTERS <br /> 3.1 Appointment of Trustee <br /> Two thirds or more of the Member Agencies acting jointly, may by a two-thirds or <br /> greater vote, act to appoint a bank, trust company, retirement board, insurer, <br /> committee or such other entity as permitted by California law, to serve as the <br /> trustee of the PARS Trust Program ("Trustee"). Such action must be in writing. <br /> Upon the written acceptance of such entity it shall become the Trustee of the <br /> PARS Trust Program and, subject to the provisions of Section 3.10, the trustee of <br /> each Agency Trust. By executing an Adoption Agreement, the adopting Member <br /> � <br /> 2567_12 PEL <br />