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In lieu of any holiday benefits, each employee shall receive compensation in the amount of one and one-half (1-112) times hislher pay, calculated on the basis of an eight (8) hour day, for eighty (80) hours in each calendar year. Such compensation shall be issued in the amount of forty (40) hours on the first pay day on or immediately following June 1, and an additional forty (40) hours on the first pay day on or immediately following December 1. Holiday checks will be issued separately from the normal pay period checks. Employees who are laid off or whose service with the City is terminated prior to June 1 or December 1 shall have their holiday compensation pro-rated. For purposes of scheduling, the two (2) administrative holidays will be equal to two (2) vacation days. The administrative holidays must be taken in twenty-four (24) hour increments. In the event that one or both of the administrative holidays are not used, compensation for administrative holidays will be calculated on an eight (8) hour day at the forty (40) hour rate. Such compensation shall be issued on the first pay day immediately following January I of each year. SECTION 9 - VACATIONS 9.1 Only regular employees who have worked for the City more than twelve (12) months shall be entitled to take vacation leave. The times during the calendar year at which an employee shall take vacation shall be determined by the Fire Chief, or designated representative, with due regard to the wishes of the employee and particular regard to the need of the service. All employees shall, on a form provided by the City, indicate their preference for vacation periods during November and December of each calendar year. Preference of vacation dates shall be given to employees according to their length of service in as reasonable a manner as possible. The Department will post a final vacation schedule by January 1 of each year. 9.2 All employees, other than those regularly assigned to twenty-four (24) hour duty shifts, shall be entitled to annual vacation leave as follows: Upon completion ofthe initial six (6) month period of employment with the City, employees shall be credited with five (5) days of vacation leave. Thereafter, the first through the fourth calendar year of service, ten (10) days' vacation; the fifth through the fourteenth calendar year of service, fifteen (15) days' vacation; the fifteenth and subsequent calendar years of service, twenty (20) days' vacation. 19