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

a. If
  the  comptroller,  in  his  or  her  discretion,   decides   to   permit
  amortization  of  employer contributions pursuant to this section, then,
  on or about October fifteenth, two thousand four, 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
  six. The amount by which such contribution  exceeds  nine  and  one-half
  percent  of  the  estimated  pensionable salary base for the fiscal year
  ending March  thirty-first,  two  thousand  six  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 seven, provided, however, that on or before
  September first, two thousand five,  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 six bill, pay a lesser amount  on  February
  first,  two thousand six which shall be 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 subdivision a of this section; and
    (2)  the  first  annual  installment  of  the  "amount  eligible   for
  amortization"   determined   pursuant   to   subdivision  a  of  section
  seventeen-b of this article, if applicable.
    c. A participating employer making a payment pursuant to subdivision b
  of this section shall pay on  February  first,  two  thousand  seven  an
  amount  determined  by  the  comptroller  by  adding the following three
  amounts together:
    (1) the entire February first, two  thousand  seven  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-d of this article, if applicable;
    (2)  the  first  annual  installment  of  the  "amount  eligible   for
  amortization" determined pursuant to subdivision a of this section; and
    (3)  the  second  annual  installment  of  the  "amount  eligible  for
  amortization"  determined  pursuant  to   subdivision   a   of   section
  seventeen-b of this article, if applicable.
    d.  Amortized  payments determined pursuant to section seventeen-b and
  pursuant to this section shall be due and payable on February  first  of
  each  year  during  the  applicable amortization period. The comptroller
  shall have the authority to permit  the  pre-payment  of  the  remaining
  balance of the "amount eligible for amortization" determined pursuant to
  both such sections subject to the following:
    (1)  on  or before November fifteenth, two thousand six in addition to
  the amount due for the current year billing and for the payment  of  the
  amortized  annual installment determined pursuant to section seventeen-b

  and  pursuant  to  this  section,  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 seven.
    (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   installments,  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.