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ARTICLE 20 - HOLIDAYS <br /> 20.1 Holidays. <br /> 20.1.1 The following days are designated as holidays: <br /> New Year's Day—January 1 * <br /> Martin Luther King's Birthday <br /> President's Day <br /> Memorial Day <br /> Independence Day—July 4 * <br /> Labor Day <br /> Veteran's Day <br /> Thanksgiving Day <br /> Day After Thanksgiving Day <br /> Christmas—December 25 * <br /> Two Floating Holidays <br /> * All other holidays except the floating holidays shall be observed pursuant to the City of <br /> Everett's annual published holiday schedule. <br /> 20.2 Paid Time Off. <br /> 20.2.1 In lieu of holiday time off, the City shall bank (provide each employee with) 120 hours of <br /> paid time off on the first of each year to be used or paid during that year. <br /> A. For employees hired after January 1St in a given year, the City may prorate the <br /> hours to be banked and shall bank(provide) the number of hours of pay calculated <br /> by multiplying the number of designated holidays remaining to be celebrated in <br /> that year by 12 hours (e.g., for an employee hired on March 1St, 84 hours <br /> calculated by multiplying the number of holidays remaining to be celebrated in <br /> that year- 7 by 12 hours). <br /> 20.2.2 Each employee shall have the option of: (a)requesting to use any or all of the hours in the <br /> bank to take time off, and/or, (b) requesting payment for any or all of the hours in the <br /> bank. <br /> A. In the event an employee requests to use the bank to take paid time off, the City <br /> shall attempt to grant such paid time off but such request may be denied where <br /> there are operational reasons for such denial. The paid time off shall be calculated <br /> using the employee's regular rate. <br /> B. No time off can be scheduled or used during the month of December of the year in <br /> which it was banked. In the event an employee has time left in his/her paid time <br /> off bank after December 1 of the year in which it was banked, the employee shall <br /> be cashed out for the hours remaining in the bank at his/her regular rate (salary <br /> and longevity or education) in the pay period in which the December 25th holiday <br /> occurs. <br /> 28 <br />