July (pdf) - New York Power Authority

SUMMARY
The following summary does not purport to be complete and is qualified in its entirety by, and should be
read in conjunction with, the more detailed information appearing elsewhere in this Official Statement and any
supplement or amendment hereto. Capitalized terms used in this Summary and not defined herein have the
meanings given to such terms elsewhere in this Official Statement.
Issuer ................................................
The 2011 Bonds ...............................
Power Authority of the State of New York (the “Authority”) is a
corporate municipal instrumentality and political subdivision of
the State of New York. The Authority generates, transmits and
sells electric power and energy principally at wholesale. The
Authority’s primary customers are municipal and investor-owned
utilities and rural electric cooperatives located throughout New
York State, high load factor industries and other businesses,
various public corporations located within the metropolitan
area of New York City, and certain out-of-state customers. The
Authority owns and operates five major generating facilities, 11
small electric generating facilities, and five small hydroelectric
facilities, with a total installed capacity of 6,054 MW, and a
number of transmission lines, including major 765-kV and 345-kV
transmission facilities.
The 2011 Bonds are being offered in the principal amount per
maturity and bearing the interest rates set forth on the cover and
inside front cover pages of this Official Statement.
The 2011 Bonds will be issued pursuant to the Authority’s
General Resolution Authorizing Revenue Obligations, adopted
on February 24, 1998, as amended and supplemented (the
“General Resolution”).
Denominations .................................
$5,000 or any integral multiple thereof.
Interest Payment Dates..................... November 15, 2011 and semiannually thereafter on each May 15
and November 15.
[TBD]Redemption ...........................
Security for the 2011 Bonds.............
Certain of the 2011 Bonds are subject to optional and mandatory
redemption prior to maturity on the dates and at the redemption
prices described herein under the caption “PART 1―THE 2011
BONDS―Redemption.”
The 2011 Bonds will be payable from and secured by a pledge
of the Trust Estate (subject to no prior pledge or lien), including
all revenues derived directly or indirectly from any of the
Authority’s operations other than those revenues attributable
directly or indirectly to the ownership or operation of any
Separately Financed Projects and not including any Federal or
State grant moneys the receipt of which is conditioned upon
their expenditure for a particular purpose. The General
Resolution provides that the amounts in the Operating Fund are
to be used to pay debt service on the Obligations, including the
2011 Bonds, and to pay Parity Debt after the payment of
Operating Expenses. See “PART 1―SECURITY FOR THE
2011 BONDS.”
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