http://www.dol.gov/whd/regs/compliance/whdfs7.pdf
Under certain prescribed conditions, employees of State or local government agencies may receive compensatory time off at a rate of not less than one and one-half hours for each overtime hour worked, instead of cash overtime pay. Police and fire fighters, emergency response personnel, and employees engaged in seasonal activities may accrue up to 480 hours of comp time; all others, 240 hours
If you feel like putting some time into this, the related regulations are 29 CFR 553.xxx.
http://ecfr.gpoaccess.gov/cgi/t/text...1.1.29&idno=29
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