Common use of Loan and Payback Procedures Clause in Contracts

Loan and Payback Procedures. i. The maximum number of days that a person may borrow is 20% of the total days in the bank at the end of the enrollment period. Additional days may be granted at the discretion of the Sick Leave Bank Committee. ii. The member who borrows days will pay back the days at the rate of 50% of his/her annual accumulated sick leave at the end of the salary contract year, each year until the total number of days borrowed has been restored to the bank. Guidelines will be reviewed annually by the Sick Leave Bank Committee.

Loan and Payback Procedures. i. (1) The maximum number of days that a person may borrow is 20% of the total days in the bank at the end of the enrollment period50 days. Additional days may be granted at the discretion of the Sick Leave Bank Committeesick leave bank committee. ii. (2) The member who borrows days will pay back the days at the rate of 50% (or greater at their option) of his/her annual accumulated sick leave at the end of the salary contract year, each year until the total number of days borrowed has been restored to the bank. Guidelines will be reviewed annually by . (3) Upon termination of employment the Sick Leave Bank Committeemember shall reimburse the bank the remaining debt, using up to 100% of his/her accumulated sick leave.