[HISTORY: Adopted by the Mayor and Borough Council of the Borough of Seaside Park 12-20-1984 by Ord. No. 922 (Ch. 50, Art. IX, of the 1970 Borough Code). Amendments noted where applicable.]
GENERAL REFERENCES
Officers and employees — See Ch. 50.
Personnel policies — See Ch. 57.
Retirement — See Ch. 75.
There is hereby established a trust fund to be known as the "Sick Leave Trust Fund." Said trust fund is adopted pursuant to N.J.S.A. 40A:4-63.
The Borough Treasurer shall retain and bear responsibility for the fund in the same manner and to the same extent as other public funds under his care. All interest earned on the fund shall accrue to the fund's principle.
The Sick Leave Trust Fund shall be used to pay to those employees of the Borough of Seaside Park the accumulated sick leave which would be payable to him or her upon his or her retirement or termination of employment with the Borough of Seaside Park.
The eligibility of an employee to receive a payment from this fund shall be determined pursuant to the provisions of the employment contract between that employee and the Borough of Seaside Park. This chapter is not in any way to be construed as being contrary to or in addition to any contract which is or may be entered into between the Borough of Seaside Park and any employee.
The Borough Council, on an annual basis, shall estimate the amount of funds which shall be paid to the trust fund by the Borough of Seaside Park.
All valid claims and payments from said fund shall be made at the date of actual termination.
In the event that the amount of any valid claim on this fund would exceed the cash balance in the fund at the time payment is due, payment shall be made from the current fund of the operating budget.