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Any such private employment which is approved by the chief of police or his delegate shall be at an hourly rate computed by multiplying by one and one-half the average hourly wage for all commissioned police personnel below the rank of captain and rounding said figure off to the nearest $0.10. Said rate shall be for a minimum of two hours per person assigned. The exact amount due shall be paid to the finance department of the city and shall be based upon the overtime slip submitted by the individual officer assigned. [Ord. 8614 § 3, 1977].