New York Laws
Title 2 - Establishment, Management, Supervision and Financing
16-D - Amortization of a Portion of the State's Contribution Bill for Fiscal Year Ending March Thirty-First, Two Thousand Six.

(1) the entire bill for the fiscal year ending on March thirty-first,
two thousand six, 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 sixteen-c
of this article, if applicable.
c. If the state makes the payment provided for in subdivision b of
this section, the state shall pay during the fiscal year ending March
thirty-first, two thousand seven an amount determined by the comptroller
by adding the following three amounts together:
(1) the state's entire bill for the fiscal year ending March
thirty-first, two thousand seven, calculated pursuant to section
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, and
(3) the second annual installment of the "amount eligible for
amortization" determined pursuant to subdivision a of section sixteen-c
of this title, if applicable.
d. The remaining amortized payments determined pursuant to section
sixteen-c of this title and pursuant to this section shall be due and
payable each subsequent fiscal 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 August first, two thousand five, in addition to
advising with respect to the amount due for the current year billing and
for the payment of the amortized annual installments determined pursuant
to section sixteen-c of this title and pursuant to this section, the
comptroller shall advise the state of the total amount due and be
authorized to accept pre-payment in full of said amount for fiscal year
ending March thirty-first, two thousand six.
(2) on or before each subsequent August first during the amortization
periods, 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 state of the total amount still outstanding and be
authorized to accept the pre-payment of any balance remaining to be paid
for that fiscal year.