Section 16-A. Amortization of amounts outstanding

a. On or before September
  first, nineteen hundred eighty-six, on the basis of the annual actuarial
  valuation  and  appraisal  procedure  provided  for in this article, the
  comptroller shall determine the annual amounts that,  had  this  section
  not  been  enacted, would have been required to be paid into the pension
  accumulation fund and the New York state  public  employees  group  life
  insurance  plan,  as appropriate, from the general fund of the state for
  all obligations of the state to the  retirement  system  not  discharged
  prior  to  such  date, for state fiscal years ending March thirty-first,
  nineteen hundred eighty-five and March  thirty-first,  nineteen  hundred
  eighty-six  and  amounts for the state's contribution for the retirement
  incentive program that would, had this section not been enacted, be  due
  to be paid into the pension accumulation fund during fiscal years ending
  March    thirty-first,   nineteen   hundred   eighty-seven   and   March
  thirty-first, nineteen hundred eighty-eight. Such amounts shall  include
  interest, as defined in section sixteen of this article through the last
  day  of February, nineteen hundred eighty-seven. The sum of such amounts
  shall be called the "amount to be amortized".
    b. The  amount  to  be  amortized  shall  be  paid  into  the  pension
  accumulation  fund  and  the  New York state public employees group life
  insurance plan, as appropriate, according to a schedule of equal  annual
  installments  during any years remaining in the amortization period. The
  "amortization period" shall be seventeen years. The first payment  shall
  be made March first, nineteen hundred eighty-seven.
    c.  The  amount  of  the  annual  payment to be made in any subsequent
  fiscal year shall be the amount that would be required to pay  in  full,
  in  equal  annual  installments  over  the remainder of the amortization
  period, any unpaid balance of the amount to be amortized and interest on
  such unpaid balance computed at eight percent per annum.
    d. On or before October fifteenth of nineteen hundred  eighty-six  and
  each  succeeding  year  during  the amortization period, the comptroller
  shall file with the director of the budget an estimate of the amount  of
  the  annual  payment required to be made pursuant to this section in the
  state fiscal year beginning the first day of April next succeeding  such
  October fifteenth.
    e.  An  item  of  appropriation sufficient to provide for such payment
  shall be included in the next annual budget  bill  for  the  support  of
  government  presented  to  the  legislature  for passage. The amounts so
  appropriated shall be paid from the  general  fund  of  the  state  upon
  warrant  of  the  comptroller  on  March first of each state fiscal year
  during the amortization period.