§ 1020-B — Definitions

* § 1020-b. Definitions. As used or referred to in this title, unless\na different meaning clearly appears from the context:\n 1. "Acquire" means, with respect to any right, title or interest in or\nto any property, the act of taking by the exercise of the power of\neminent domain, or acquisition by purchase or otherwise.\n 2. "Act" means the Long Island power authority act, being title one-A\nof article five of the public authorities law, as added by this title.\n 3. "Authority" means the Long Island power authority created by\nsection one thousand twenty-c of this title.\n 4. "Board" means the board of trustees of the authority.\n 5. "Bonds" or "notes" mean the bonds, notes or other obligations\nissued by the authority pursuant to this title.\n 6. "Fair market value" means the value of property, real, personal or\nmixed, which would be obtained in an arm's length transaction between an\ninformed and willing buyer under no compulsion to buy, and an informed\nand willing seller under no compulsion to sell.\n 7. "Federal government" means the United States of America and any\nagency or instrumentality, corporate or otherwise, of the United States\nof America.\n 8. "Final determination" or "finally determined" means a judicial\ndecision (i) by the highest court of competent jurisdiction, or (ii) by\na court of competent jurisdiction from which no appeal has been taken\nand the time within which to appeal has expired.\n 9. "Governing body" means, with respect to any municipality, the body\nhaving charge of the fiscal affairs of such municipality.\n 10. "LILCO" means the Long Island lighting company, its subsidiaries\nand their successors and assigns, other than the authority.\n 11. "Municipality" means any city, town, village, county, municipal\ncorporation, district corporation, district or other political\nsubdivision of the state.\n 12. "OCLD" means the original cost of assets, less depreciation.\n 12-a. "Project" means an action undertaken by the authority that:\n (i) Causes the authority to issue bonds, notes or other obligations,\nor shares in any subsidiary corporation, or\n (ii) Significantly modifies the use of an asset valued at more than\none million dollars owned by the authority or involves the sale, lease\nor other disposition of such an asset, or\n (iii) Commits the authority to a contract or agreement with a total\nconsideration of greater than one million dollars and does not involve\nthe day to day operations of the authority.\n 13. "Prudent utility practices" at a particular time means any of the\npractices, methods, and acts, which, in the exercise of reasonable\njudgment in light of the facts (including but not limited to the\npractices, methods and acts engaged in or approved by a significant\nportion of the gas or the electrical utility industry, as the case may\nbe, prior thereto) known at the time the decision was made, would have\nbeen expected to accomplish the desired result at the lowest reasonable\ncost consistent with reliability, safety and expedition. Prudent utility\npractice is not intended to be limited to the optimum practice, method\nor act, to the exclusion of all others, but rather to be a spectrum of\npossible practices, methods or acts. In evaluating whether any matter\nconforms to prudent utility practice, the parties shall take into\naccount the fact that the authority is a corporate municipality of the\nstate with the statutory duties and responsibilities thereof.\n 14. "Real property" means lands, structures, franchises and interests\nin land, including lands under water and riparian rights, and any and\nall other things and rights usually included within such term, and\nincludes also any and all interests in such property less than full\ntitle, such as easements, rights of way, uses, leases, licenses and all\nother incorporeal hereditaments and every estate, interest or right,\nlegal or equitable, including terms for years and liens thereon by way\nof judgments, mortgages or otherwise, and also all claims for damages\nfor such real estate.\n 15. "RCNLD" means the reproduction cost of new assets, less\ndepreciation.\n 16. "Security" means any note, stock (whether common or preferred),\nbond, debenture, evidence of indebtedness, transferable share,\nvoting-trust certificate or, in general, any interest or instrument\ncommonly known as a "security", or any certificate of interest or\nparticipation in, temporary or interim certificate for, receipt for, or\nwarrant or right to subscribe to or purchase any of the foregoing.\n 17. "Service area" means the counties of Suffolk and Nassau and that\nportion of the county of Queens constituting LILCO's franchise area as\nof the effective date of this title.\n 18. "Shoreham plant" means the nuclear powered facility designed to\ngenerate electric power owned by LILCO and located in Shoreham, New\nYork.\n 19. "State" means the state of New York.\n 20. "State agency" means any board, authority, agency, department,\ncommission, public corporation, body politic or instrumentality of the\nstate.\n 21. "Trustees" means the trustees of the authority appointed or\nelected, as the case may be, pursuant to section one thousand twenty-d\nof this title.\n 22. "Valuation date" means (i) the effective date of this title, (ii)\nthe date of the taking of the stock or assets pursuant to this title or\n(iii) such earlier or later date or, in the case of equity or debt\nsecurities, such period of trading days in the primary established\nmarket in which such securities are traded, as may be determined to be\nnecessary to exclude from the determination of the market value thereof\nany enhancement or depreciation in value arising from the announcement,\nexpectation or accomplishment of the taking by the exercise of the power\nof eminent domain or otherwise, or speculative market activity intended\nto cause or having the effect of causing an increase or decrease in such\nmarket value.\n 23. "Service provider" means the entity under contract with the\nauthority to provide management and operation services associated with\nthe authority's electric transmission and distribution system and any\nsubsidiary of such entity that provides such services under contract.\n 24. "Operations services agreement" means an agreement and any\namendments thereto between the Long Island lighting company dba LIPA or\nthe authority and the service provider to provide management and\noperation services associated with the authority's electric transmission\nand distribution system.\n * NB There are 2 § 1020-b's\n