To give recognition to the unique nature of the services performed for the community by the Police Officer each Police Officer shall receive:
Annual payment in the sum of $550 on or about July 1 of 2012;
Annual payment in the sum of $600 on or about July 1 of 2013; and
Annual payment in the sum of $650 on or about July 1 of 2014.
These payments shall be on or about the first (1st) of July and each year thereafter for the term of this Agreement.