§ 1002. Power Authority of the State of New York. 1. For the purpose
of effectuating the policy declared in section one thousand one of this
chapter there is hereby created a corporate municipal instrumentality of
the state to be known as "Power Authority of the State of New York", in
this title referred to as "the authority", which shall be a body
corporate and politic, a political subdivision of the state, exercising
governmental and public powers, perpetual in duration, capable of suing
and being sued, and having a seal, and which shall have the powers and
duties hereinafter enumerated, together with such others as may
hereafter be conferred upon it by law.

2. It shall report annually to the governor and the legislature upon
its operations and transactions. Such annual report shall incorporate
the requirements of section two thousand five hundred of this chapter,
shall identify the authority by its statutory name, and include a letter
of transmittal in the report to the governor and the legislature. The
annual report shall also include, but not be limited to, the following:
(a) the amount of power and energy produced by each project facility;
(b) the amount of energy transferred between each project facility for
use within the authority's system; (c) the amount of energy transferred
between each project facility for sale outside the authority's system;
(d) the kilowatt-hour sales by project facility and by customer
including all intrastate sales to investor-owned electric corporations,
municipal electric systems and rural electric cooperatives, and all
sales on a temporary (i.e., eighteen months or less) basis; (e) the
revenues and costs as allocated by the authority for each project
facility; (f) the busbar price or prices for power and energy sold to
each customer of the authority; (g) the accumulated provision for
depreciation for each project facility; and (h) basic financial and
operating information specifically detailed for the reporting year and
including but not limited to income and expense statements, balance
sheets, and changes in financial position, all in accordance with
generally accepted accounting principles, debt structure and a summary
of funds on a cash basis. The requirement to provide information
pursuant to this subdivision is not intended to affect the authority's
responsibilities or obligations under this title or under any rate
covenant or any pledge of revenues outstanding as of the effective date
of the chapter of the laws of nineteen hundred eighty-four which added
this sentence to this subdivision.