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.