How to create a sequence with followoing specs....

Hello all,
I have to create a sequence with following specs:
data type: number
no. of digits: 6
1st digit starts from 5
next 2 digits represent current year e.g. 06
and next 3 digits = running serial (001 to 999)
increament: 1
example: 506001
please help me

it is pre assumption that the running serial will not go beyond 999 in a year
the ceiling is 500 per year
yes its a y2.1k issue but we are not supposed to store a uniqe identifier for more than 100 years in the database.
i m a novice, can you please suggest a code template for such a seq.?

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