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M:\MasterFiles\1999 thru 2010\2000\City Council\Council Packets\04-24-00\Regular Meeting\Item No. 10G--Res 5433 Approving Severance Pay--Givonna Reed.doc <br />• A lump sum payment of fifty percent of sick leave accrual or sixty-five percent <br />of sick leave accrued as a Maintenance Worker for use toward the retiree’s <br />group health insurance premium for as long as the funds are available up to <br />the retiree’s 65th birthday. These funds may be used only for the retiree’s <br />health insurance and at no time may they be taken for cash or for any other <br />purpose. Wallace Mortenson has elected the health insurance option which <br />is estimated as follows: <br /> <br />o 1370.03 hours of accrued sick leave x 65% x $18.04 per hour <br /> <br />• Total: $16,064.98; and <br /> <br />WHEREAS, David Brick is paid from the General Fund and Wallace Mortenson is <br />paid from the Wastewater Fund, both of which have reserved amounts for vacation <br />and sick leave payouts, <br /> <br />NOW, THEREFORE BE IT RESOLVED that the Mounds View City Council does <br />hereby approve the aforementioned provisions for David Brick and Wallace <br />Mortenson and directs staff to move these funds from their respective reserve <br />accounts to the general fund for monthly payout as insurance premiums and a lump <br />sum payment for vacation pay for the abovementioned retirees. <br /> <br />ATTEST Adopted this 24th day of April, 2000 <br /> <br /> <br /> <br /> Dan Coughlin, Mayor <br /> <br />SEAL <br /> Michel Ulrich, Interim City Clerk Administrator <br /> <br /> <br />