5202

VETOES

FOR ANY MUNICIPAL CORPORATION HEREAFTER PARTICIPATING SHALL
BE SET ON A BASIS TO LIQUIDATE ITS UNFUNDED ACCRUED
LIABILITY IN A PERIOD OF 40 YEARS. ANY PARTICIPATING
MUNICIPAL CORPORATION MAY, WITH THE CONSENT OF THE BOARD OF
TRUSTEES, LIQUIDATE ITS UNFUNDED ACCRUED LIABILITY IN A
PERIOD SHORTER THAN 40 YEARS. THE EXPENSE OF MAKING SUCH
INITIAL ACCRUED LIABILITY ACTUARIAL VALUATIONS SHALL BE
ASSESSED AGAINST AND PAID BY THE MUNICIPAL CORPORATION ON
WHOSE ACCOUNT IT IS NECESSARY.

(c)  The board of trustees [of the Employees'
Retirement System] shall annually certify to the chief
fiscal officer of each participating municipal corporation
[the proportion of the expense of the retirement system for
the preceding fiscal year, together with the necessary
expenses of the trustees of the Employees' Retirement
System, which the payroll of the members employed by such
participating municipal corporation bears to the aggregate
of the payroll of all members.] THE NORMAL CONTRIBUTION RATE
FOR ALL MEMBERS, THE ADJUSTMENT IN THE RATE, THE NORMAL
CONTRIBUTION FOR THE MUNICIPAL CORPORATION, AND THE ACCRUED
LIABILITY CONTRIBUTION FOR THE MUNICIPAL CORPORATION.

(d)  [An amount] THE AMOUNTS certified pursuant to this
[subtitle] SECTION by said board of trustees to the chief
fiscal officer of a participating municipal corporation
shall be included in the next budget, appropriation or levy
of such participating municipal corporation subsequent to
such certification by said board of trustees and shall be
levied and collected in the same manner as other taxes.

(e) (1) The treasurer or proper fiscal officer of each
participating municipal corporation shall pay to the board
of trustees the amount of the charges certified to such
participating municipal corporation by the board of trustees
as above provided [and the amount of the deductions from the
compensation of the members who are officers or employees of
that participating municipal corporation]. The payments of
the amounts so certified by the board of trustees shall be
made within 30 days after the receipt of such certificate
[and the payments of deductions from compensation of
employees shall be made]. [In accordance with § 14 (1) (c)
of this article, any] ANY participating municipal
corporation failing to pay the amounts certified under this
section within the time prescribed by law is liable . for a
penalty of 10 percent of the amounts due. The secretary of
the board, however, may allow a grace period not to exceed
10 additional calendar days. All amounts due and unpaid on
the date of payment shall also bear interest at the rate of
10 percent until the date of payment. The State
Comptroller, upon notification by the secretary that a
delinquency exists, shall immediately exercise the right of
setoff against all or any moneys due or to become due to the
delinquent participating municipal corporation.