(1) the entire bill for the fiscal year ending on March thirty-first, two thousand six, calculated pursuant to section three hundred 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 section three hundred sixteen-c of this title, 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 three hundred 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 three hundred sixteen-c of this title, if applicable. d. The remaining amortized payments determined pursuant to section three hundred 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 section 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 three hundred 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 the fiscal year ending March thirty-first, two thousand six.

(2) on or before each subsequent August first during the amortization period, 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 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.