All employees eligible for overtime payment pursuant to Section 185.21 shall be permitted to accrue compensatory time in lieu of overtime payment with the following restrictions:
(a) Compensatory time hours will be credited at the rate of one and one half (1½) times the overtime hours worked.
(b) Compensatory time shall be used with the same advance scheduling approval as vacation.
(c) Usage of compensatory time may be denied if a replacement will be required at an overtime premium rate.
(d) Compensatory time shall not be accrued beyond the last day of November in any calendar year. All earned but unused compensatory time shall be paid out on the payday of the first full pay period in December at the base rate in effect as of November 30 of such calendar year, including longevity. Employees may accrue compensatory time only up to a maximum of 80 hours per calendar year. All hours in excess of 80 shall be paid as overtime wages.
(e) Employees entitled to compensatory time pursuant to this section shall be paid upon termination or layoff for any accumulated but unused compensatory time.