§ 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.