Section 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.