Section 17-B. Amortization of a portion of the bills for participating employers for the two thousand four--two thousand five fiscal year

a.
  If  the  comptroller,  in  his  or  her  discretion,  decides  to permit
  amortization of  employer  contributions,  then,  on  or  about  October
  fifteenth,  two  thousand  three,  on  the basis of the annual actuarial
  valuation provided for in this chapter, the comptroller shall  determine
  the  amount  (exclusive  of  payments  for  group  term  life insurance,
  deficiency  payments,  adjustments  relating  to  prior  fiscal   years'
  obligations  and  obligations pertaining to retirement incentives or any
  other obligations that a participating employer is permitted to  pay  on
  an  amortized  basis)  of  the  annual  contribution for a participating
  employer pursuant to section twenty-three-a of this article due for  the
  fiscal  year ending March thirty-first, two thousand five, calculated as
  of December fifteenth, two thousand  four.  The  amount  by  which  such
  contribution  exceeds  seven percent of the estimated pensionable salary
  base for the fiscal year ending March thirty-first,  two  thousand  five
  shall  be  the  "amount  eligible for amortization". An amount up to the
  "amount eligible for amortization" may  be  amortized  over  a  ten-year
  period  at eight percent interest per annum, with the first of ten equal
  payments payable on February first, two thousand six provided,  however,
  that  on  or before September first, two thousand four, the comptroller,
  in his or her discretion, may establish a fixed  rate  of  interest  per
  annum  to  be  applied  to  the amounts eligible for amortization of all
  employers, which more closely approximates a market rate  of  return  on
  taxable  fixed  rate  securities with similar terms issued by comparable
  issuers.
    b. A participating  employer,  may,  in  lieu  of  paying  its  entire
  February  first, two thousand five bill, pay a lesser amount on February
  first, two thousand five which shall be the entire February  first,  two
  thousand  five  bill,  calculated  pursuant to section twenty-three-a of
  this article (without  reference  to  this  section)  less  the  "amount
  eligible for amortization".
    b-1. A participating employer making a payment pursuant to subdivision
  b  of  this  section  shall  pay  on February first, two thousand six an
  amount determined by the comptroller by adding the following two amounts
  together:
    (1) the entire February  first,  two  thousand  six  bill,  calculated
  pursuant to section twenty-three-a of this article (without reference to
  this  section),  less  the "amount eligible for amortization" determined
  pursuant to section seventeen-c of this article, if applicable; and
    (2)  the  first  annual  installment  of  the  "amount  eligible   for
  amortization" determined pursuant to this section.
    c.  The  remaining  amortized  payments  shall  be  due and payable on
  February  first  of  each  year  during  the  amortization  period.  The
  comptroller  shall  have  the authority to permit the pre-payment of the
  remaining balance of the "amount eligible for amortization," subject  to
  the following:
    (1)  on or before November fifteenth, two thousand four in addition to
  the amount due for the  current  year  billing,  the  comptroller  shall
  advise  the  participating  employer  of  the  total  amount  due and be
  authorized to accept pre-payment in full  of  said  amount  by  February
  first, two thousand five.
    (2)  on  or  before each November fifteenth thereafter, in addition to
  the amount due for the current year billing and for the payment  of  the
  annual   amortized   installment,   the  comptroller  shall  advise  the
  participating employer of the total  amount  still  outstanding  and  be
  authorized to accept the pre-payment of any balance remaining to be paid
  by February first of the succeeding year.