Section 317-D. Amortization of a portion of the bills for participating employers for the two thousand six--two thousand seven 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 five, 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
  seven.  The  amount  by which such contribution exceeds ten and one-half
  percent of the estimated pensionable salary base  for  the  fiscal  year
  ending  March  thirty-first,  two  thousand  seven  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 eight, provided, however, that on or before
  September  first,  two  thousand  six,  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 seven bill, pay a lesser amount on February
  first,  two  thousand seven which shall be 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 subdivision a of this section;
    (2)  the  first  annual  installment  of  the  "amount  eligible   for
  amortization"  determined  pursuant  to  subdivision  a of section three
  hundred seventeen-c of this article, if applicable; and
    (3)  the  second  annual  installment  of  the  "amount  eligible  for
  amortization"  determined  pursuant  to  subdivision  a of section three
  hundred 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  eight  an
  amount  determined  by  the  comptroller  by  adding  the following four
  amounts together:
    (1) the entire February first, two  thousand  eight  bill,  calculated
  pursuant  to  section  three  hundred  twenty-three-a  of  this  article
  (without reference to this section);
    (2)  the  first  annual  installment  of  the  "amount  eligible   for
  amortization" determined pursuant to subdivision a of this section;
    (3)  the  second  annual  installment  of  the  "amount  eligible  for
  amortization" determined pursuant to  subdivision  a  of  section  three
  hundred seventeen-c of this article, if applicable; and
    (4)   the  third  annual  installment  of  the  "amount  eligible  for
  amortization" determined pursuant to  subdivision  a  of  section  three
  hundred seventeen-b of this article, if applicable.
    d.  Amortized  payments  determined pursuant to sections three hundred
  seventeen-b, three hundred seventeen-c  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  three
  hundred seventeen-b, three hundred  seventeen-c  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.