July (pdf) - New York Power Authority

set forth in Part 2 of the Official Statement under the heading ‘‘POWER SALES’’, specifically under the table
‘‘Generation, Energy Purchases, and Power and Energy Sales 2010’’; and (c) capacity factors or availability
factors information by unit; and (II) the information regarding amendments to this Agreement required
pursuant to Sections 3.2(c) and (d) of this Agreement. Annual Financial Information shall include Audited
Financial Statements, if available, or Unaudited Financial Statements.
The descriptions contained in Section 4.1(1) of financial information and operating data constituting
Annual Financial Information are of general categories of financial information and operating data. When
such descriptions include information that no longer can be generated because the operations to which it
related have been materially changed or discontinued, a statement to that effect shall be provided in lieu of
such information. Any Annual Financial Information containing modified financial information or
operating data shall explain, in narrative form, the reasons for the modification and the impact of the
modification on the type of financial information or operating data being provided.
(2) ‘‘Audited Financial Statements’’ means the annual financial statements, if any, of the Issuer,
audited by such auditor as shall then be required or permitted by State law or the Resolution. Audited
Financial Statements shall be prepared in accordance with GAAP; provided, however, that pursuant to Section
3.2(a) hereof, the Issuer may, if permitted by GAAP, modify the accounting principles to be followed in
preparing its financial statements. The notice of any such modification required by Section 3.2(a) hereof shall
include a reference to the specific provision describing such accounting principles, or other description
thereof.
(3) ‘‘Counsel’’ means Hawkins Delafield & Wood LLP or other nationally recognized bond counsel
or counsel expert in federal securities laws.
(4) ‘‘GAAP’’ means generally accepted accounting principles as prescribed from time to time for
governmental units by the Governmental Accounting Standards Board, the Financial Accounting
Standards Board, or any successor to the duties and responsibilities of either of them.
(5) “MSRB” means the Municipal Securities Rulemaking Board established pursuant to Section
15B(b)(1) of the Securities Exchange Act of 1934, or any successor thereto or to the functions of the
MSRB contemplated by this Agreement.
(6) ‘‘Notice Event’’ means any of the following events with respect to the Bonds, whether relating to
the Issuer or otherwise:
(i)
(ii)
(iii)
(iv)
(v)
principal and interest payment delinquencies;
non-payment related defaults, if material;
unscheduled draws on debt service reserves reflecting financial difficulties;
unscheduled draws on credit enhancements reflecting financial difficulties;
substitution of credit or liquidity providers, or their failure to perform;
(vi) adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final
determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material
notices of determinations with respect to the tax status of the Bonds, or other material events
affecting the tax status of the Bonds;
App.C-5