Section 1020-B. Definitions

As used or referred to in this title, unless
  a different meaning clearly appears from the context:
    1. "Acquire" means, with respect to any right, title or interest in or
  to any property, the act of taking by  the  exercise  of  the  power  of
  eminent domain, or acquisition by purchase or otherwise.
    2.  "Act" means the Long Island power authority act, being title one-A
  of article five of the public authorities law, as added by this title.
    3. "Authority" means  the  Long  Island  power  authority  created  by
  section one thousand twenty-c of this title.
    4. "Board" means the board of trustees of the authority.
    5.  "Bonds"  or  "notes"  mean  the  bonds, notes or other obligations
  issued by the authority pursuant to this title.
    6. "Fair market value" means the value of property, real, personal  or
  mixed, which would be obtained in an arm's length transaction between an
  informed  and  willing buyer under no compulsion to buy, and an informed
  and willing seller under no compulsion to sell.
    7. "Federal government" means the United States  of  America  and  any
  agency  or instrumentality, corporate or otherwise, of the United States
  of America.
    8. "Final determination" or  "finally  determined"  means  a  judicial
  decision  (i) by the highest court of competent jurisdiction, or (ii) by
  a court of competent jurisdiction from which no appeal  has  been  taken
  and the time within which to appeal has expired.
    9.  "Governing body" means, with respect to any municipality, the body
  having charge of the fiscal affairs of such municipality.
    10. "LILCO" means the Long Island lighting company,  its  subsidiaries
  and their successors and assigns, other than the authority.
    11.  "Municipality"  means  any city, town, village, county, municipal
  corporation,  district  corporation,   district   or   other   political
  subdivision of the state.
    12. "OCLD" means the original cost of assets, less depreciation.
    12-a. "Project" means an action undertaken by the authority that:
    (i)  Causes  the authority to issue bonds, notes or other obligations,
  or shares in any subsidiary corporation, or
    (ii) Significantly modifies the use of an asset valued  at  more  than
  one  million  dollars owned by the authority or involves the sale, lease
  or other disposition of such an asset, or
    (iii) Commits the authority to a contract or agreement  with  a  total
  consideration  of  greater than one million dollars and does not involve
  the day to day operations of the authority.
    13. "Prudent utility practices" at a particular time means any of  the
  practices,  methods,  and  acts,  which,  in  the exercise of reasonable
  judgment in light of  the  facts  (including  but  not  limited  to  the
  practices,  methods  and  acts  engaged  in or approved by a significant
  portion of the gas or the electrical utility industry, as the  case  may
  be,  prior  thereto) known at the time the decision was made, would have
  been expected to accomplish the desired result at the lowest  reasonable
  cost consistent with reliability, safety and expedition. Prudent utility
  practice  is  not intended to be limited to the optimum practice, method
  or act, to the exclusion of all others, but rather to be a  spectrum  of
  possible  practices,  methods  or acts. In evaluating whether any matter
  conforms to prudent  utility  practice,  the  parties  shall  take  into
  account  the  fact that the authority is a corporate municipality of the
  state with the statutory duties and responsibilities thereof.
    14. "Real property" means lands, structures, franchises and  interests
  in  land,  including  lands under water and riparian rights, and any and
  all other things and rights  usually  included  within  such  term,  and
  includes  also  any  and  all  interests in such property less than full

  title, such as easements, rights of way, uses, leases, licenses and  all
  other  incorporeal  hereditaments  and  every estate, interest or right,
  legal or equitable, including terms for years and liens thereon  by  way
  of  judgments,  mortgages  or otherwise, and also all claims for damages
  for such real estate.
    15.  "RCNLD"  means  the  reproduction  cost  of  new   assets,   less
  depreciation.
    16.  "Security"  means  any note, stock (whether common or preferred),
  bond,  debenture,  evidence   of   indebtedness,   transferable   share,
  voting-trust  certificate  or,  in  general,  any interest or instrument
  commonly known as a  "security",  or  any  certificate  of  interest  or
  participation  in, temporary or interim certificate for, receipt for, or
  warrant or right to subscribe to or purchase any of the foregoing.
    17. "Service area" means the counties of Suffolk and Nassau  and  that
  portion  of  the county of Queens constituting LILCO's franchise area as
  of the effective date of this title.
    18. "Shoreham plant" means the nuclear powered  facility  designed  to
  generate  electric  power  owned  by  LILCO and located in Shoreham, New
  York.
    19. "State" means the state of New York.
    20. "State agency" means any  board,  authority,  agency,  department,
  commission,  public  corporation, body politic or instrumentality of the
  state.
    21. "Trustees" means  the  trustees  of  the  authority  appointed  or
  elected,  as  the case may be, pursuant to section one thousand twenty-d
  of this title.
    22. "Valuation date" means (i) the effective date of this title,  (ii)
  the  date of the taking of the stock or assets pursuant to this title or
  (iii) such earlier or later date or, in  the  case  of  equity  or  debt
  securities,  such  period  of  trading  days  in the primary established
  market in which such securities are traded, as may be determined  to  be
  necessary  to exclude from the determination of the market value thereof
  any enhancement or depreciation in value arising from the  announcement,
  expectation or accomplishment of the taking by the exercise of the power
  of  eminent domain or otherwise, or speculative market activity intended
  to cause or having the effect of causing an increase or decrease in such
  market value.
    * NB There are 2 § 1020-b's