[HISTORY: Adopted by the Borough Council of the Borough of Pennington 8-13-1999 by Ord. No. 99-9 and approved at referendum. Amendments noted where applicable.]
A Length of Service Awards Program (LOSAP) is herewith created in accordance with Chapter 388 of the Laws of 1997, to reward members of the Pennington First Aid Squad for their loyal, diligent and devoted services to the residents of Pennington Borough.
The LOSAP shall provide for fixed annual contributions to a deferred income account for each volunteer member that meets the criteria set forth below; such contributions shall be made in accordance with a plan that shall be established by the Borough of Pennington pursuant to P.L. 1997, c. 388; and such plan shall be administered in accordance with the laws of the State of New Jersey, the U.S. Internal Revenue Code and this chapter.
The estimated cost of the program has been calculated as follows:
For regular annual services: $32,700, to be funded as follows:
This chapter shall not take effect unless it is approved by voters as a public question at the next general election.
The following question shall be placed on the official ballot of the Borough of Pennington at the next general election: