§ 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.