§ 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.