2006 New York Code - Amortization Of Amounts Outstanding.

 
    §  316-a.  Amortization  of  amounts  outstanding.  a.  On  or  before
  September first, nineteen hundred eighty-six, on the basis of the annual
  actuarial  valuation  and  appraisal  procedure  provided  for  in  this
  article,  the  comptroller  shall determine the annual amounts that, had
  this section not been enacted, would have been required to be paid  into
  the  pension  accumulation  fund and the New York state public employees
  group life insurance plan, as appropriate, from the general fund of  the
  state  for all obligations of the state to the policemen's and firemen's
  retirement system, not discharged prior to such date, for  state  fiscal
  years  ending March thirty-first, nineteen hundred eighty-five and March
  thirty-first, nineteen hundred eighty-six and amounts  for  the  state's
  contribution  for  the retirement incentive program that would, had this
  section  not  been  enacted,  be  due  to  be  paid  into  the   pension
  accumulation   fund  during  fiscal  years  ending  March  thirty-first,
  nineteen hundred eighty-seven and March thirty-first,  nineteen  hundred
  eighty-eight. Such amounts shall include interest, as defined in section
  three  hundred sixteen of this article through the last day of February,
  nineteen hundred eighty-seven. The sum of such amounts shall  be  called
  the "amount to be amortized".
    b.  The  amount  to  be  amortized  shall  be  paid  into  the pension
  accumulation fund and the New York state  public  employees  group  life
  insurance  plan, as appropriate, according to a schedule of equal annual
  installments during any years remaining in the amortization period.  The
  "amortization  period" shall be seventeen years. The first payment shall
  be made March first, nineteen hundred eighty-seven.
    c. The amount of the annual payment  to  be  made  in  any  subsequent
  fiscal  year  shall be the amount that would be required to pay in full,
  in equal annual installments over  the  remainder  of  the  amortization
  period, any unpaid balance of the amount to be amortized and interest on
  such unpaid balance computed at eight percent per annum.
    d.  On  or before October fifteenth of nineteen hundred eighty-six and
  each succeeding year during the  amortization  period,  the  comptroller
  shall  file with the director of the budget an estimate of the amount of
  the annual payment required to be made pursuant to this section  in  the
  state  fiscal year beginning the first day of April next succeeding such
  October fifteenth.
    e. An item of appropriation sufficient to  provide  for  such  payment
  shall  be  included  in  the  next annual budget bill for the support of
  government presented to the legislature  for  passage.  The  amounts  so
  appropriated  shall  be  paid  from  the  general fund of the state upon
  warrant of the comptroller on March first  of  each  state  fiscal  year
  during the amortization period.