Common use of Loan and Payback Procedures Clause in Contracts

Loan and Payback Procedures. 1. The maximum number of days that a person may borrow is forty-five (45) days. At any time, the maximum number of days that a person may have outstanding from the bank shall be forty-five (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 certificated/licensed employee must complete the Sick Leave Bank Verification Form (See Appendix U). In the event the certificated/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 certificated/licensed employee's daily rate times the number of unaccrued days owed for that period. (See Appendix V.)

Loan and Payback Procedures. 1. The maximum number of days that a person may borrow is forty-five (45) days. At any time, the maximum number of days that a person may have outstanding from the bank shall be forty-five (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 VR). The certificated/licensed employee must complete the Sick Leave Bank Verification Form (See Appendix UQ). In the event the certificated/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 certificated/licensed employee's daily rate times the number of unaccrued days owed for that period. (See Appendix V.R.)

Loan and Payback Procedures. 1. The maximum number of days that a person may borrow is forty-five (45) days. At any time, the maximum number of days that a person may have outstanding from the bank shall be forty-five (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 VR). The certificated/licensed employee must complete the Sick Leave Bank Verification Form (See Appendix UQ). In the event the certificated/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 12-12- month period, the BOARD will deduct the certificated/licensed employee's daily rate times the number of unaccrued days owed for that period. (See Appendix V.R.)