2006 New York Code - Remedies Of Bondholders.

 
    §  1772.  Remedies  of bondholders. 1. In the event that the authority
  shall default in the payment of principal or of interest on an issue  of
  bonds  after the same shall become due, whether at maturity or upon call
  for redemption, and such default shall continue for a period  of  thirty
  days, or, in the event the authority shall fail or refuse to comply with
  the  provisions  of  this  title  or  shall default in an agreement with
  holders  of  an  issue  of  bonds  then  outstanding,  the  holders   of
  twenty-five per centum of the aggregate principal amount of the bonds of
  the  issue  then  outstanding, by instrument or instruments filed in the
  office of  the  clerk  of  the  county  of  Cattaraugus  and  proved  or
  acknowledged  in the same manner as a deed to be recorded, may appoint a
  trustee to represent the holders of the bonds for  the  purposes  herein
  provided.
    2.  The  trustee  may  and,  upon  written  request  of the holders of
  twenty-five per centum of the aggregate principal amount of  such  bonds
  then outstanding, shall, in his name,
    (a)  By  suit,  action or special proceeding enforce all rights of the
  bondholders, including the right to require  the  authority  to  collect
  revenues,  rates,  fees  and  other  charges  adequate  to carry out any
  agreement as to, or pledge of, such  revenues,  rates,  fees  and  other
  charges,  and  to require the authority to carry out any other agreement
  with the bondholders and to perform its duties under this title;
    (b) Bring suit upon the bonds;
    (c) By action or suit in equity, require the authority to  account  as
  if it were the trustee of an express trust for the bondholders;
    (d)  By  action or suit in equity, enjoin any acts or things which may
  be unlawful or in violation of the rights of the bondholders;
    (e) Declare all the bonds due and payable and, if all  defaults  shall
  be  made  good, then, with the consent of the holders of twenty-five per
  centum of the aggregate principal amount of the bonds, then  outstanding
  to annul the declaration and its consequences.
    3.  The  supreme court of the state shall have jurisdiction of a suit,
  action or proceeding by the trustee on behalf of the bondholders.    The
  venue  of  the suit, action or proceeding shall be laid in the county of
  Cattaraugus.
    4. Before declaring the principal of the bonds due  and  payable,  the
  trustee  shall  first  give  thirty  days'  notice  in  writing  to  the
  authority.
    5. The trustee shall, in addition to the foregoing, have  and  possess
  all of the powers necessary or appropriate for the exercise of functions
  specifically  set forth herein or incident to the general representation
  of bondholders in the enforcement and protection of their rights.