Common use of Loan and Payback Procedures Clause in Contracts

Loan and Payback Procedures. 1. The maximum number of days that an employee may borrow is 10% of the total days in the Bank at the end of the enrollment period (October 1). 2. The member who borrows days from the Sick Leave Bank will have a period of forty-eight (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. 3. In the event the employee is unable to accrue the total number of required days owed to the Sick Leave Bank (1/3 total borrowed) at the end of each of the 12- month period, the BOARD will deduct the employee's daily rate times the number of unaccrued days owed for that period.

Loan and Payback Procedures. 1. The maximum number of days that an employee may borrow is 10% of the total days in the Bank at the end of the enrollment period (October March 1). 2. The member who borrows days from the Sick Leave Bank will have a period of forty-forty eight (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. 3. In the event the employee is unable to accrue the total number of required days owed to the Sick Leave Bank (1/3 total borrowed) at the end of each of the 12- 12-month period, the BOARD will deduct the employee's daily rate times the number of unaccrued days owed for that period.

Loan and Payback Procedures. 1. The maximum number of days that an employee may borrow is 10% of the total days in the Bank at the end of the enrollment period (October March 1). 2. The member who borrows days from the Sick Leave Bank will have a period of forty-eight (48) 36 months from the month of the initial loan to repay the days borrowed. One-fourth third (1/41/3) of the borrowed days must be repaid each year on the last paycheck of the month of the yearly anniversary date of the loan. 3. In the event the employee is unable to accrue the total number of required days owed to the Sick Leave Bank (1/3 total borrowed) at the end of each of the 12- 12-month period, the BOARD will deduct the employee's daily rate times the number of unaccrued days owed for that period.