An employee who has worked overtime shall be allowed to receive compensatory time off in lieu of pay at the appropriate overtime rate if the employee so elects. The employee shall receive this time off with pay in such a way as not to impair the operations of the work unit. In the absence of such election by the employee, the employee shall receive pay as provided herein. An employee must take all compensatory time in excess of one hundred (100) hours by April 30 of the year following the year in which the time was earned. If the employee has not taken the time by that date, then they shall be paid for all hours not taken in excess of one hundred (100) hours in the next regular pay period.