Loan and Payback Procedures. 1. The maximum number of days that a person may borrow is 45 days. At any time the maximum number of days that a person may have outstanding from the bank shall be 45 days, effective August 1, 2013. 2. The participant who borrows days from the S.L.B. will have a period up to 48 months from the month of the initial loan to repay the days borrowed. One-fourth (1/4) of the borrowed days must be repaid each year on the last paycheck of the month of the yearly anniversary date of the loan (See Appendix V). The licensed employee must complete the Sick Leave Bank Verification Form (See Appendix U). In the event the licensed employee is unable to accrue the total number of required days owed to the S.L.B. (1/4 total borrowed) at the end of each 12-month period, the BOARD will deduct the licensed employee's daily rate times the number of unaccrued days owed for that period. (See Appendix V.)
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Sources: Collective Bargaining Agreement, Collective Bargaining Agreement