July (pdf) - New York Power Authority

issued by the Authority under the General Resolution, including the 2011 Bonds.
As of June 30, 2011, $474,654,000 of Commercial Paper Notes (‘‘CP Notes’’) were outstanding. The CP
Notes are Subordinated Indebtedness of the Authority as provided in the General Resolution.
As of June 30, 2011, $138,250,000 of Extendible Municipal Commercial Paper Notes (the ‘‘EMCP
Notes’’) were outstanding. The EMCP Notes are Subordinated Indebtedness of the Authority as provided in
the General Resolution.
Information Included in this Official Statement. Part 1 of this Official Statement contains a
description of the 2011 Bonds and the security for the 2011 Bonds, and a discussion of other matters
relating to the 2011 Bonds. In Part 2 of this Official Statement, there is a description of the Authority, its
operations and financial condition and a discussion of the evolving New York electric utility industry, along
with relevant developments nationwide. The financial statements of the Authority for the year ended
December 31, 2008 was filed with the then nationally recognized municipal securities information
repositories approved by the Securities and Exchange Commission (the ‘‘SEC’’). The financial statements of
the Authority for the years ended December 31, 2009 and 2010 were provided to the Municipal Securities
Rulemaking Board’s Electronic Municipal Market Access System (“EMMA”).
The Authority’s financial statements for the year ended December 31, 2010, are hereby incorporated by
reference in this Official Statement. Such information may be obtained directly from the EMMA system.
Informational copies of the Authority’s financial statements for the years ended December 31, 2010, 2009,
and 2008 are available on the Authority’s website at http://www.nypa.gov/financial/annualreports.htm. No
information on the Authority’s website is deemed incorporated by reference in this Official Statement.
A discussion of certain litigation pending or threatened against the Authority, or involving or adversely
affecting the property or assets of or under the control of the Authority, is set forth in Appendix D to Part 1 of
this Official Statement. A summary of certain provisions of the General Resolution is set forth in Appendix
1 to Part 2 of this Official Statement. The proposed form of the approving opinion of Bond Counsel is set
forth in Appendix A to Part 1 of this Official Statement. Extracts from the schedule of The Depository
Trust Company (‘‘DTC’’) entitled ‘‘Sample Official Statement Language Describing Book-Entry-Only
Issuance’’ are set forth in Appendix B to Part 1 of this Official Statement. Backgrounds of the Authority’s
Trustees and certain senior management staff are set forth in Appendix 2 to Part 2 of this Official
Statement. The form of the Continuing Disclosure Agreement that the Authority will execute in
connection with the issuance of the 2011 Bonds is set forth in Appendix C to Part 1 of this Official
Statement.
SECURITY FOR THE 2011 BONDS
The General Resolution authorizes the issuance of the Obligations for any purpose authorized by the
Act or other New York State statutory provision then applicable. All Obligations, including the 2011
Bonds, are payable from Revenues and secured by a pledge of the Trust Estate, subject to no prior pledge or
lien.
Revenues
Revenues consist of all revenues, rates, fees, charges, rents, proceeds from the sale of Authority
assets, insurance proceeds, and other income and receipts, as derived in cash by or for the account of the
Authority directly or indirectly from any of the Authority’s operations, including but not limited to the
ownership or operation of any Project, but not including any such income or receipts attributable directly or
indirectly to the ownership or operation of any Separately Financed Project (see ‘‘PART 2—APPENDIX
1—SUMMARY OF CERTAIN PROVISIONS OF THE GENERAL RESOLUTION— Conditions for
Issuance of Obligations’’) and not including any federal or State grant moneys the receipt of which is
conditioned upon their expenditure for a particular purpose.
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