July (pdf) - New York Power Authority

The specific nature of the information to be contained in the Annual Report and the notices of material
events is set forth in the form of the Continuing Disclosure Agreement, which is included in its entirety in
Appendix C to Part 1 of this Official Statement. The Authority’s agreement will be made in order to assist the
Underwriters in complying with Securities and Exchange Commission Rule 15c2-12.
[TBD-CREDIT RATINGS]
[Assuming ratings have been received] Moody’s, S&P, and Fitch have also assigned underlying ratings of
‘‘Aa2’’, ‘‘AA–’’, and ‘‘AA’’, respectively, to the 2011 Bonds.
General
The respective ratings by Moody’s, S&P, and Fitch of the 2011 Bonds reflect only the views of such
organizations and any desired explanation of the significance of such ratings and any outlooks or other
statements given by the rating agencies with respect thereto should be obtained from the rating agency
furnishing the same, at the following addresses: Moody’s Investors Service, Inc., 7 World Trade Center at
250 Greenwich Street, New York, New York 10007, Standard & Poor’s Ratings Service, 55 Water Street, New
York, New York 10041, and Fitch Ratings, One State Street Plaza, New York, New York 10004. Generally, a
rating agency bases its ratings and outlook (if any) on the information and materials furnished to it and on
investigations, studies and assumptions of its own. There is no assurance such ratings for the 2011 Bonds
will continue for any given period of time or that any of such ratings will not be revised downward or
withdrawn entirely by any of the rating agencies, if, in the judgment of such rating agency or agencies,
circumstances so warrant. Any such downward revision or withdrawal of such ratings may have an adverse
effect on the market price of the 2011 Bonds.
LITIGATION
There is no litigation pending or threatened in any court (either State or Federal) to restrain or enjoin the
issuance or delivery of the 2011 Bonds or questioning the creation, organization or existence of the Authority,
the title to office of the Trustees or officers of the Authority, the validity of the General Resolution, the
pledge of the Trust Estate, the proceedings for the authorization, execution, authentication and delivery of the
2011 Bonds or the validity of the 2011 Bonds.
Litigation pending against the Authority (under the jurisdiction of either State or Federal courts or
agencies) or threatened against the Authority, or involving or adversely affecting any of the property or
assets of or under the control of the Authority, includes, among other matters, the matters described in
Appendix D to Part 1 of this Official Statement.
The Authority is unable to predict the outcome of matters described in Appendix D, as well as the
other actions or proceedings referred to in this Official Statement, but believes that the Authority has
meritorious defenses or positions with respect thereto. Adverse decisions or determinations of certain types
could, however, delay or impede the Authority’s construction and operation of its existing or planned
projects and could require the Authority to incur substantial additional costs, and such decisions or
determinations could also adversely affect the Authority’s revenues. See ‘‘PART 2—CERTAIN
FACTORS AFFECTING THE ELECTRIC UTILITY INDUSTRY’’ for information with respect to certain
other regulatory and administrative matters.
LEGALITY FOR INVESTMENT
The Act provides that the 2011 Bonds will be legal investments under present provisions of New York
law for public officers and bodies of the State of New York and municipalities and municipal subdivisions,
insurance companies and associations and other persons carrying on an insurance business, banks,
bankers and trust companies, savings banks and savings associations, including savings and loan
associations, building and loan associations, investment companies, and other persons carrying on a
1-14