Section 317. Annual appropriation by participating employers

a. On or
  before the fifteenth day of November, nineteen hundred  eighty-nine  and
  of  each  succeeding  year,  the  comptroller shall determine the amount
  which each participating employer is required to pay to the  police  and
  fire  retirement  system  to  discharge  its obligations thereto for the
  fiscal year of the retirement system which ends on March thirty-first of
  nineteen hundred ninety and of each succeeding calendar year on  account
  of  its  employees who are members of this system. The comptroller shall
  submit to the fiscal officer of each of such employer a statement of the
  amount so payable.
    This amount shall consist of the amount deemed  necessary  to  provide
  for   payment   in  full  of  (i)  all  estimated  obligations  of  each
  participating employer for the current fiscal  year  of  the  retirement
  systems  and  (ii)  any  additional  obligation,  plus  interest on such
  amount, for fiscal years preceding the current  fiscal  year.  If  as  a
  result  of  the  amount  determined  to  be  paid for any fiscal year, a
  participating employer overpaid its actual obligation to the  retirement
  system for that year, the amount to be determined by the comptroller for
  the  next  succeeding November fifteenth shall reflect the amount of the
  overpayment, plus interest as defined in section three  hundred  sixteen
  of  this  article on such amount, as a reduction in the amount otherwise
  required to be paid by such participating employer.
    b. Each  participating  employer  annually  shall  appropriate  a  sum
  sufficient  to pay such amount. In the event the comptroller's statement
  is not received before annual appropriations are made by such  employer,
  a  sum  estimated  by  the comptroller to be sufficient for such purpose
  shall be included with such annual appropriations.
    c. Payment of the amount  specified  in  the  comptroller's  statement
  shall  be  made  by  a  participating employer within seventy-eight days
  after the receipt of such statement; provided, however, that in no  case
  shall any participating employer be required to make this payment before
  February first of the calendar year next succeeding the calendar year in
  which  such  statement  is  received.  The  comptroller is authorized to
  provide for and accept pre-payment.
    d. If payment of the full amount of such obligations is  not  made  by
  the  date  required by subdivision c of this section, interest at a rate
  determined in accordance with the provisions of  section  three  hundred
  sixteen of this article shall commence to run against the unpaid balance
  thereof on the first day after the date required by said subdivision c.
    e.  The  comptroller shall have full power and authority to bring suit
  in the supreme court against any participating employer to  recover  any
  sum, payment of which is not made as herein required. While any such sum
  shall  remain  due and unpaid he may refuse to audit any claim for funds
  due to such employer from the state.