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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 <br /> City of 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 <br /> hours of 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 <br /> the hours to be banked and shall bank (provide) the number of hours of <br /> pay calculated by multiplying the number of designated holidays <br /> remaining to be celebrated in that year by 12 hours (e.g., for an employee <br /> hired on March 1St, 84 hours calculated by multiplying the number of <br /> holidays remaining to be celebrated in 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 <br /> hours in the bank to take time off, and/or, (b) requesting payment for any or all of <br /> the hours in the bank. <br /> A. In the event an employee requests to use the bank to take paid time off,the <br /> City shall attempt to grant such paid time off but such request may be <br /> denied where there are operational reasons for such denial. The paid time <br /> off shall be calculated using the employee's regular rate. <br /> B. No time off can be scheduled or used during the month of December of the <br /> year in which it was banked. In the event an employee has time left in <br /> his/her paid time off bank after December 1 of the year in which it was <br /> banked, the employee shall be cashed out for the hours remaining in the <br /> EVERETT POLICE OFFICERS ASSOCIATION <br /> PAGE 30 <br />