July (pdf) - New York Power Authority

whether negotiable or non-negotiable, and banker’s acceptances of the 25 largest Banks (measured by
aggregate capital and surplus) in the United States or commercial paper issued by the parent holding
company of any such Bank which at the time of investment has an outstanding unsecured, uninsured and
unguaranteed debt issue rated in the highest short-term Rating Category by a Rating Agency (including the
Trustee and its parent holding company, if any, if it otherwise qualifies); (viii) any repurchase agreement
or other investment agreement with any Bank as defined in clause (i) or (ii) of the definition thereof or
government bond dealer reporting to, trading with, and recognized as a primary dealer by the Federal Reserve
Bank of New York, which agreement is secured by any one or more of the securities described in clause
(i), (iii) or (vii) above, which securities shall at all times have a market value of not less than the full
amount of the repurchase agreement and be delivered to another such Bank, as custodian; (ix) any
agreement or other investment agreement with any insurance company or reinsurance company or investment
affiliates thereof the obligations of which are rated by a Rating Agency in one of the two highest Rating
Categories, which agreement is continuously secured by any one or more of the securities described in clause
(i), (iii) or (vii) above, which securities shall at all times have a market value of not less than the full amount
held or invested pursuant to the agreement and be delivered to a Bank as defined in clause (i) or (ii) of
the definition thereof, as custodian; (x) obligations of any domestic corporation which shall be rated at the
time of the investment in either of the two highest long-term Rating Categories or the highest short-term
Rating Category by a Rating Agency; and (xi) any other investment in which the Authority is permitted to
invest under applicable law, notwithstanding any limitations set forth in clauses (i) through (x) above.
Authorized Officer means any trustee of the Authority or officer of the Authority and any other
person authorized by by-laws or resolution of the Authority to perform the act or sign the document in
question.
Bank means any (i) bank or trust company organized under the laws of any state of the United States of
America, (ii) national banking association, (iii) savings bank or savings and loan association chartered or
organized under the laws of any state of the United States of America, or (iv) federal branch or agency
pursuant to the International Banking Act of 1978 or any successor provisions of law, or domestic branch or
agency of a foreign bank which branch or agency is duly licensed or authorized to do business under the
laws of any state or territory of the United States of America.
Capital Costs means the Authority’s costs of (i) physical construction of or acquisition of real or
personal property or interests therein for any Project, together with incidental costs, working capital and
reserves deemed necessary or desirable by the Authority and other costs properly attributable thereto; (ii)
all capital improvements or additions, including but not limited to, renewals or replacements of or repairs,
additions, improvements, modifications or betterments to or for any Project; (iii) the acquisition of any
other real property, capital improvements or additions, or interests therein, deemed necessary or desirable by
the Authority for the conduct of its business; (iv) any other purpose for which bonds, notes or other
obligations of the Authority may be issued under the Act or under other applicable State statutory
provisions (whether or not also classifiable as an Operating Expense); and (v) the payment of principal,
interest, and redemption, tender or purchase price of any (a) Obligations issued by the Authority for the
payment of any of the costs specified above, (b) any Obligations issued to refund such Obligations, or (c)
Obligations issued to pay capitalized interest; provided, however, that the term Capital Costs shall not include
any costs of the Authority relating to a Separately Financed Project.
Capital Fund means the fund by that name established pursuant to the General Resolution.
Commercial Paper Notes means any notes issued and outstanding at any time under the Commercial
Paper Resolution.
Commercial Paper Resolution means the Amended and Restated Resolution Authorizing Commercial
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