N.Y. Public Authorities Law § 1002: Power Authority of the State of New York

§ 1002. Power Authority of the State of New York. 1. For the purpose

of effectuating the policy declared in section one thousand one of this

chapter there is hereby created a corporate municipal instrumentality of

the state to be known as "Power Authority of the State of New York", in

this title referred to as "the authority", which shall be a body

corporate and politic, a political subdivision of the state, exercising

governmental and public powers, perpetual in duration, capable of suing

and being sued, and having a seal, and which shall have the powers and

duties hereinafter enumerated, together with such others as may

hereafter be conferred upon it by law.

2. It shall report annually to the governor and the legislature upon

its operations and transactions. Such annual report shall incorporate

the requirements of section two thousand five hundred of this chapter,

shall identify the authority by its statutory name, and include a letter

of transmittal in the report to the governor and the legislature. The

annual report shall also include, but not be limited to, the following:

(a) the amount of power and energy produced by each project facility;

(b) the amount of energy transferred between each project facility for

use within the authority's system; (c) the amount of energy transferred

between each project facility for sale outside the authority's system;

(d) the kilowatt-hour sales by project facility and by customer

including all intrastate sales to investor-owned electric corporations,

municipal electric systems and rural electric cooperatives, and all

sales on a temporary (i.e., eighteen months or less) basis; (e) the

revenues and costs as allocated by the authority for each project

facility; (f) the busbar price or prices for power and energy sold to

each customer of the authority; (g) the accumulated provision for

depreciation for each project facility; and (h) basic financial and

operating information specifically detailed for the reporting year and

including but not limited to income and expense statements, balance

sheets, and changes in financial position, all in accordance with

generally accepted accounting principles, debt structure and a summary

of funds on a cash basis. The requirement to provide information

pursuant to this subdivision is not intended to affect the authority's

responsibilities or obligations under this title or under any rate

covenant or any pledge of revenues outstanding as of the effective date

of the chapter of the laws of nineteen hundred eighty-four which added

this sentence to this subdivision.