§ 1002 — Power Authority of the State of New York

New York § 1002

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 1: Power Authority of the State of New York
• Art. 5: Public Utility Authorities

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§ 1002. Power Authority of the State of New York. 1. For the purpose\nof effectuating the policy declared in section one thousand one of this\nchapter there is hereby created a corporate municipal instrumentality of\nthe state to be known as "Power Authority of the State of New York", in\nthis title referred to as "the authority", which shall be a body\ncorporate and politic, a political subdivision of the state, exercising\ngovernmental and public powers, perpetual in duration, capable of suing\nand being sued, and having a seal, and which shall have the powers and\nduties hereinafter enumerated, together with such others as may\nhereafter be conferred upon it by law.\n 2. It shall report annually to the governor and the legislature upon\nits operations and transactions. Such annual report shall incorporate\nthe requirements of section two thousand five hundred of this chapter,\nshall identify the authority by its statutory name, and include a letter\nof transmittal in the report to the governor and the legislature. The\nannual report shall also include, but not be limited to, the following:\n(a) the amount of power and energy produced by each project facility;\n(b) the amount of energy transferred between each project facility for\nuse within the authority's system; (c) the amount of energy transferred\nbetween each project facility for sale outside the authority's system;\n(d) the kilowatt-hour sales by project facility and by customer\nincluding all intrastate sales to investor-owned electric corporations,\nmunicipal electric systems and rural electric cooperatives, and all\nsales on a temporary (i.e., eighteen months or less) basis; (e) the\nrevenues and costs as allocated by the authority for each project\nfacility; (f) the busbar price or prices for power and energy sold to\neach customer of the authority; (g) the accumulated provision for\ndepreciation for each project facility; and (h) basic financial and\noperating information specifically detailed for the reporting year and\nincluding but not limited to income and expense statements, balance\nsheets, and changes in financial position, all in accordance with\ngenerally accepted accounting principles, debt structure and a summary\nof funds on a cash basis. The requirement to provide information\npursuant to this subdivision is not intended to affect the authority's\nresponsibilities or obligations under this title or under any rate\ncovenant or any pledge of revenues outstanding as of the effective date\nof the chapter of the laws of nineteen hundred eighty-four which added\nthis sentence to this subdivision.\n