§ 24-12-48. Provision for severance benefits.
In the event revenue bonds shall be issued in an amount estimated to be sufficient
with any other available funds to pay the cost of constructing the Newport Bridge
and opening the bridge for traffic, the authority shall cause a sufficient amount
of the proceeds of the bonds as may be required to make the severance benefit payments
hereinafter set forth, which amount shall in no event exceed the sum of two hundred
fifty thousand dollars ($250,000), and which amount is hereby declared to be a part
of the cost of the project or projects to be applied as follows:
(1) The sufficient amount of the proceeds shall be deposited in a bank in the state in
the name of the Jamestown and Newport ferry company thereby creating a "severance
benefit� account to be used by the Jamestown and Newport ferry company as a checking
account for the purpose of paying upon the opening of the Newport Bridge to traffic
the severance benefits hereinafter set forth; namely,
(i) To employees of the department of transportation employed in the operation of the
ferry from Jamestown to Newport at the time of the opening of the Newport Bridge to
traffic.
(ii) To employees of the department of transportation employed in the operation of the
ferry from Jamestown to Newport, whose employment is terminated involuntarily including
termination occasioned by accident or illness between the time of the initial issuance
of revenue bonds under the provisions of this chapter and the time of the opening
of the Newport Bridge to traffic, who have been regularly employed by the department
of transportation and its predecessors in the operation of such ferry, including the
Jamestown and Newport ferry company and the Jamestown ferry authority for twenty-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 of the 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 major fraction thereof beyond twenty-four (24) months
at their respective rates of pay in effect at the time of the termination of their
employment for a regular work week exclusive of overtime.
(C) One day's pay at their respective rates of pay for regular work day exclusive of overtime
in effect at the time of the termination of their employment for each day of authorized
accumulated sick leave remaining to their credit on the date of termination of their
employment.
(2) In event the severance benefits computed as provided in subdivision (1) shall in the
aggregate exceed the sum of two hundred fifty thousand dollars ($250,000), the amount
of the benefit payable to each of the persons specified above shall be proportionately
reduced and the sum of two hundred fifty thousand dollars ($250,000) shall be prorated
among such persons.
(3) All sums remaining in the checking account after completion of the payments herein
provided shall be paid to the Rhode Island turnpike authority.