§ 24-12-48 Provision for severancebenefits. – In the event revenue bonds shall be issued in an amount estimated to besufficient with any other available funds to pay the cost of constructing theNewport Bridge and opening the bridge for traffic, the authority shall cause asufficient amount of the proceeds of the bonds as may be required to make theseverance benefit payments hereinafter set forth, which amount shall in noevent exceed the sum of two hundred fifty thousand dollars ($250,000), andwhich amount is hereby declared to be a part of the cost of the project orprojects to be applied as follows:
(1) The sufficient amount of the proceeds shall be depositedin a bank in the state in the name of the Jamestown and Newport ferry companythereby creating a "severance benefit" account to be used by the Jamestown andNewport ferry company as a checking account for the purpose of paying upon theopening of the Newport Bridge to traffic the severance benefits hereinafter setforth; namely,
(i) To employees of the department of transportation employedin the operation of the ferry from Jamestown to Newport at the time of theopening of the Newport Bridge to traffic.
(ii) To employees of the department of transportationemployed in the operation of the ferry from Jamestown to Newport, whoseemployment is terminated involuntarily including termination occasioned byaccident or illness between the time of the initial issuance of revenue bondsunder the provisions of this chapter and the time of the opening of the NewportBridge to traffic, who have been regularly employed by the department oftransportation and its predecessors in the operation of such ferry, includingthe Jamestown and Newport ferry company and the Jamestown ferry authority fortwenty-four (24) months or longer, and who are separated from such employment,severance benefits as follows:
(A) For service of twenty-four (24) months – five (5)weeks additional pay at their respective rates of pay in effect at the time ofthe termination of their employment for regular work week exclusive of overtime.
(B) For service beyond twenty-four (24) months – five(5) weeks pay plus thirty (30) days pay for each additional year or majorfraction thereof beyond twenty-four (24) months at their respective rates ofpay in effect at the time of the termination of their employment for a regularwork week exclusive of overtime.
(C) One day's pay at their respective rates of pay forregular work day exclusive of overtime in effect at the time of the terminationof their employment for each day of authorized accumulated sick leave remainingto their credit on the date of termination of their employment.
(2) In event the severance benefits computed as provided insubdivision (1) shall in the aggregate exceed the sum of two hundred fiftythousand dollars ($250,000), the amount of the benefit payable to each of thepersons specified above shall be proportionately reduced and the sum of twohundred fifty thousand dollars ($250,000) shall be prorated among such persons.
(3) All sums remaining in the checking account aftercompletion of the payments herein provided shall be paid to the Rhode Islandturnpike authority.
§ 24-12-48 Provision for severancebenefits. – In the event revenue bonds shall be issued in an amount estimated to besufficient with any other available funds to pay the cost of constructing theNewport Bridge and opening the bridge for traffic, the authority shall cause asufficient amount of the proceeds of the bonds as may be required to make theseverance benefit payments hereinafter set forth, which amount shall in noevent exceed the sum of two hundred fifty thousand dollars ($250,000), andwhich amount is hereby declared to be a part of the cost of the project orprojects to be applied as follows:
(1) The sufficient amount of the proceeds shall be depositedin a bank in the state in the name of the Jamestown and Newport ferry companythereby creating a "severance benefit" account to be used by the Jamestown andNewport ferry company as a checking account for the purpose of paying upon theopening of the Newport Bridge to traffic the severance benefits hereinafter setforth; namely,
(i) To employees of the department of transportation employedin the operation of the ferry from Jamestown to Newport at the time of theopening of the Newport Bridge to traffic.
(ii) To employees of the department of transportationemployed in the operation of the ferry from Jamestown to Newport, whoseemployment is terminated involuntarily including termination occasioned byaccident or illness between the time of the initial issuance of revenue bondsunder the provisions of this chapter and the time of the opening of the NewportBridge to traffic, who have been regularly employed by the department oftransportation and its predecessors in the operation of such ferry, includingthe Jamestown and Newport ferry company and the Jamestown ferry authority fortwenty-four (24) months or longer, and who are separated from such employment,severance benefits as follows:
(A) For service of twenty-four (24) months – five (5)weeks additional pay at their respective rates of pay in effect at the time ofthe termination of their employment for regular work week exclusive of overtime.
(B) For service beyond twenty-four (24) months – five(5) weeks pay plus thirty (30) days pay for each additional year or majorfraction thereof beyond twenty-four (24) months at their respective rates ofpay in effect at the time of the termination of their employment for a regularwork week exclusive of overtime.
(C) One day's pay at their respective rates of pay forregular work day exclusive of overtime in effect at the time of the terminationof their employment for each day of authorized accumulated sick leave remainingto their credit on the date of termination of their employment.
(2) In event the severance benefits computed as provided insubdivision (1) shall in the aggregate exceed the sum of two hundred fiftythousand dollars ($250,000), the amount of the benefit payable to each of thepersons specified above shall be proportionately reduced and the sum of twohundred fifty thousand dollars ($250,000) shall be prorated among such persons.
(3) All sums remaining in the checking account aftercompletion of the payments herein provided shall be paid to the Rhode Islandturnpike authority.
§ 24-12-48 Provision for severancebenefits. – In the event revenue bonds shall be issued in an amount estimated to besufficient with any other available funds to pay the cost of constructing theNewport Bridge and opening the bridge for traffic, the authority shall cause asufficient amount of the proceeds of the bonds as may be required to make theseverance benefit payments hereinafter set forth, which amount shall in noevent exceed the sum of two hundred fifty thousand dollars ($250,000), andwhich amount is hereby declared to be a part of the cost of the project orprojects to be applied as follows:
(1) The sufficient amount of the proceeds shall be depositedin a bank in the state in the name of the Jamestown and Newport ferry companythereby creating a "severance benefit" account to be used by the Jamestown andNewport ferry company as a checking account for the purpose of paying upon theopening of the Newport Bridge to traffic the severance benefits hereinafter setforth; namely,
(i) To employees of the department of transportation employedin the operation of the ferry from Jamestown to Newport at the time of theopening of the Newport Bridge to traffic.
(ii) To employees of the department of transportationemployed in the operation of the ferry from Jamestown to Newport, whoseemployment is terminated involuntarily including termination occasioned byaccident or illness between the time of the initial issuance of revenue bondsunder the provisions of this chapter and the time of the opening of the NewportBridge to traffic, who have been regularly employed by the department oftransportation and its predecessors in the operation of such ferry, includingthe Jamestown and Newport ferry company and the Jamestown ferry authority fortwenty-four (24) months or longer, and who are separated from such employment,severance benefits as follows:
(A) For service of twenty-four (24) months – five (5)weeks additional pay at their respective rates of pay in effect at the time ofthe termination of their employment for regular work week exclusive of overtime.
(B) For service beyond twenty-four (24) months – five(5) weeks pay plus thirty (30) days pay for each additional year or majorfraction thereof beyond twenty-four (24) months at their respective rates ofpay in effect at the time of the termination of their employment for a regularwork week exclusive of overtime.
(C) One day's pay at their respective rates of pay forregular work day exclusive of overtime in effect at the time of the terminationof their employment for each day of authorized accumulated sick leave remainingto their credit on the date of termination of their employment.
(2) In event the severance benefits computed as provided insubdivision (1) shall in the aggregate exceed the sum of two hundred fiftythousand dollars ($250,000), the amount of the benefit payable to each of thepersons specified above shall be proportionately reduced and the sum of twohundred fifty thousand dollars ($250,000) shall be prorated among such persons.
(3) All sums remaining in the checking account aftercompletion of the payments herein provided shall be paid to the Rhode Islandturnpike authority.
