Minutes of the Annual Meeting of the Power - New York Power ...

April 24, 2007
“The balance of the payment, subject to any such adjustment, in accordance with the terms of the
agreement, will be paid to the Authority at the time of closing. The closing of this transaction will occur after
delivery of the new airplane to the Authority by Hawker Beechcraft.
“All proceeds from this sale will be deposited in the Authority’s Operating Reserves. Any amounts above
the current book value of $1.5M will be treated as net revenue for 2007.
RECOMMENDATION
“The Inspector General and Vice President – Corporate Security, the Vice President – Procurement and
Real Estate and the Director – Corporate Support Services recommend that pursuant to the Public Authorities
Accountability Act of 2005 and the Authority’s Guidelines for the Disposal of Personal Property, the Trustees
delegate authorization to the President and Chief Executive Officer to approve the disposal via sale of the
Authority’s King Air B-350 aircraft to the bidder that provides the most advantageous value to the Authority.
“The Executive Vice President and General Counsel, the Executive Vice President – Corporate Services
and Administration, the Executive Vice President and Chief Financial Officer and I concur in the recommendation.”
Mr. Hoff presented the highlights of staff’s recommendations to the Trustees. In response to a question
from Chairman McCullough, Mr. Hoff said that the purchaser would put 10% down on the plane, which funds
would be escrowed, and that the other 90% of the plane’s price would be paid upon delivery of the plane.
Responding to a question from Trustee Scozzafava, Mr. Vesce said that, aside from price, the other factors being
considered in selecting a purchaser were the results of a background check and the end use to which the plane
was to be put.
The following resolution, as submitted by the President and Chief Executive Officer, was unanimously
adopted.
RESOLVED, That pursuant to the Public Authorities
Accountability Act of 2005 and the Authority’s Guidelines for the Disposal
of Personal Property, the Trustees hereby delegate authorization to the
President and Chief Executive Officer to approve the disposal via sale of the
Authority’s King Air B-350 aircraft (S/N FL-283, Registration Number
N4083L) to the bidder that provides the most advantageous value to the
Authority, as set forth in the foregoing report of the President and Chief
Executive Officer; and be it further
RESOLVED, That the Chairman, the President and Chief
Executive Officer and all other officers of the Authority are, and each of
them hereby is, authorized on behalf of the Authority to do any and all
things, take any and all actions and execute and deliver any and all
agreements, certificates and other documents to effectuate the foregoing
resolution, subject to the approval of the form thereof by the Executive Vice
President and General Counsel or his designee.
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