Section 317-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  three  hundred  twenty-three-a  of  this
  article  due for the fiscal year ending March thirty-first, two thousand
  five, 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". 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  three  hundred
  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  three  hundred  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 each 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   each
  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.