SECTION 4 - DEBT ISSUED (1) (6)
POWER AUTHORITY OF THE STATE OF NEW YORK
As of December 31, 2007
(Amounts in Thousands)
Interest
Amount CUSIP Date Rate Issuance Project or Taxable Issue
TYPE (2) $000 NUMBER Issued 12/31/07   (3) Term  (4) Costs (5) Description  Status Process
2007 Tax Exempt Comm. Paper Issuance
 $                   44,200 64989NU65 3/1/2007 (3a), (3b)  (4a) (5a) Energy Services Program Tax Exempt Negotiated
                      13,000 64989N2Q2 9/7/2007 (3a), (3b)  (4a) (5a) Energy Services Program Tax Exempt Negotiated
                      14,900 64989N2R0 9/7/2007 (3a), (3b)  (4a) (5a) Energy Services Program Tax Exempt Negotiated
                      13,000 68949N2S8 9/7/2007 (3a), (3b)  (4a) (5a) Energy Services Program Tax Exempt Negotiated
     Total 2007 Tax Exempt CP Issued                       85,100
2007 Taxable Comm. Paper Issuance
                        1,120 Various 1/17/2007 (3a) (4a) (5b) Taxable Negotiated
                        6,937 Various 2/5/2007 (3a) (4a) (5b) Taxable Negotiated
                        1,772 Various 2/9/2007 (3a) (4a) (5b) Taxable Negotiated
                        3,116 Various 2/21/2007 (3a) (4a) (5b) Taxable Negotiated
                        1,718 Various 3/26/2007 (3a) (4a) (5b) Taxable Negotiated
                           690 Various 4/12/2007 (3a) (4a) (5b) Taxable Negotiated
                        2,610 Various 5/9/2007 (3a) (4a) (5b) Taxable Negotiated
                           655 Various 5/14/2007 (3a) (4a) (5b) Taxable Negotiated
                        1,488 Various 5/21/2007 (3a) (4a) (5b) Taxable Negotiated
                           591 Various 6/12/2007 (3a) (4a) (5b) Taxable Negotiated
                        1,485 Various 6/26/2007 (3a) (4a) (5b) Taxable Negotiated
                        1,232 Various 6/28/2007 (3a) (4a) (5b) Taxable Negotiated
                        2,150 Various 7/2/2007 (3a) (4a) (5b) Taxable Negotiated
                        2,343 Various 7/27/2007 (3a) (4a) (5b) Taxable Negotiated
                           995 Various 8/15/2007 (3a) (4a) (5b) Taxable Negotiated
                           928 Various 9/26/2007 (3a) (4a) (5b) Taxable Negotiated
                        1,172 Various 10/26/2007 (3a) (4a) (5b) Taxable Negotiated
                           822 Various 11/27/2007 (3a) (4a) (5b) Taxable Negotiated
                           982 Various 12/12/2007 (3a) (4a) (5b) Taxable Negotiated
     Total 2007 Taxable CP Issued                       32,806
Series 2007A Revenue Bonds        (Tax-Exempt)                        82,025 Various 10/29/2007 5%
4.5%		 Maturing 11/15/47
Maturing 11/15/47		 $1,395K Refund $16,000 of NYPA's CP Notes, finance a portion of
the costs of the relicensing of the Niagara Project, and to pay
the costs of issuance of the 2007 A Bonds.		 Tax Exempt Negotiated
Series 2007B Revenue Bonds        (Taxable)                      256,710 Various 10/29/2007 5.253% - 5.603%
5.905%
5.985%		 Maturing 11/15/13 - 11/15/17
11/15/37
11/15/43		 $4,277K Refund approximately $85,831of NYPA's Commercial Paper Notes, finance a portion of the costs of the relicensing and modernization of the Authority's St. Lawrence-FDR Projectand the relicensing of the Niagara Project, and to pay the costs of issuance of the 2007 B Bonds. Taxable Negotiated
Series 2007C Revenue Bonds        (Tax-Exempt)                      263,710 Various 10/29/2007 4.00% - 5.00% Maturing 11/15/14 - 11/15/21 $3,333K Refund a portion of NYPA's outstanding 2002A Revenue Bonds and to pay the costs of issuance of the 2007 C Bonds. Tax Exempt Negotiated
     Total 2007 Bonds Issued:                     602,445
Total Issued  $                720,351
PARTIAL REFUNDING OF SERIES 2002A REVENUE BONDS WITH 2007C REVENUE BONDS
Sources of Funds
Principal Amount of the 2007 Bonds  $            602,445
Net Original Issue Premium                  16,603
2006 Swap Termination Payment                    7,570
Available Authority Funds                    6,205
Total  $            632,823
Application of Funds
Refunding of Commercial Paper Notes  $            101,831
Deposit into Niagara Construction Fund                118,402
Deposit into St. Lawrence-FDR Construction Fund                119,775
Deposit into Escrow Fund                283,809
Financing Costs (a)                    9,006
Total  $            632,823
(a) Includes costs of issuance, underwriters' discount, State bond issuance fee, and MBIA insurance policy premium.
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Text Box: Footnotes (1) The full faith and credit of the Authority are pledged for the payment of bonds and notes in accordance with their terms and provisions of their respective resolutions. The Authority has no taxing power and its obligations are not debts of the State or any political subdivision of the State other than the Authority. The Authority's debt does not constitute a pledge of the faith and credit of the State or of any political subdivision thereof other than the Authority. (2) Type B - No State Obligation. (3) Interest Rate (3a) The Authority determines the rate for each rate period that, in the Dealer's opinion, is the minimum rate necessary to remarket the Notes. (3b) If the Authority exercises its option to extend the maturity of the EMCP Notes, the reset rate will be (1.35 x SIFMA) + E, where SIFMA is the Securities Industry and Financial Markets Association Municipal Swap Index, which is calculated weekly, and where "E" is a fixed percentage rate expressed in basis points (each basis point being 1/100 of one percent) that is determined based on the Authority's debt ratings. As of December 31, 2007, the reset rate would have been 5.79%. (4) Term (4a) Under the Commercial Paper Note Resolution adopted June 28, 1994, as amended and restated on November 25, 1997, and as subsequently amended, restated and supplemented, the Authority may issue from time to time a separate series of notes maturing not more than 270 days from the date of issue. Tax-Exempt Commercial Paper Series 1 maximum amount outstanding at any time is $400 million, Tax-Exempt Commercial Paper Series 2 maximum amount outstanding at any time is $450 million, Taxable Commercial Paper Series 3 maximum amount outstanding at any time is $350 million and Tax-Exempt Commercial Paper Series 4 maximum amount outstanding at any time is $220 million. (4b) Under the Extendible Municipal Commercial Paper (EMCP) Note Resolution, adopted December 17, 2002, and as subsequently amended and restated, the Authority may issue a series of notes designated EMCP Notes, Series 1. The interest period means, (i) if the Note is paid on the Original Maturity Date, the period from and including the date of issue of such Note to but excluding the Original Maturity Date (not to exceed ninety days from and including the date of issue), or (ii) if the Note is not paid on the Original Maturity Date, the period from and including the date of issue of such Note to but excluding the initial Reset Interest Payment Date, and thereafter each one-month period from and including each Reset Interest Payment Date to but excluding the next succeeding Reset Interest Payment Date. The Extended Maturity Date is that date which is 270 days from and including the date of issue of the EMCP Note. The total maximum EMCP outstanding at any time is $100 million. (5) Issuance Costs (5a) Tax-Exempt Commercial Paper Series 1 (Remarketing, interest rate cap and support L/C fees): 13.5 bps or .00135 (5b) Tax-Exempt Commercial Paper Series 2 and Taxable Commercial Paper Series 3 (Remarketing and support L/C fees): 15.5 bps or .00155 (5c) EMCP (Remarketing): 7.5 bps or .00075. (6) Interest rate swaps or other such agreements - See Note H to the 12/31/07 financial statements in the 2007 Annual Report.
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