2006 New York Code - Remedies Of Bondholders.

 
    §  707.  Remedies  of  bondholders. 1. In the event that the authority
  shall default in the payment of principal of or interest on any  of  the
  bonds  after the same shall have 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 that the authority shall fail or refuse to
  comply with the provisions of  this  title,  or  shall  default  in  any
  agreement made with the holders of the bonds, the holders of twenty-five
  per  centum in aggregate principal amount of the bonds then outstanding,
  by an instrument or instruments in writing filed in the  office  of  the
  clerk  of the county of Saint Lawrence and proved or acknowledged in the
  same manner as a deed to be recorded, may appoint a trustee to represent
  the holders of such bonds for the purposes herein provided.
    2. Such trustee may, and  upon  written  request  of  the  holders  of
  twenty-five per centum in principal amount of the bonds then outstanding
  shall, in his or its own name
    (a)  by  suit,  action or special proceeding enforce all rights of the
  bondholders, including the right to require  the  authority  to  collect
  tolls  and revenues adequate to carry out any agreement as to, or pledge
  of, such tolls and revenues, and to require the authority to  carry  out
  any  other  agreements  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 of the outstanding bonds due and payable, and  if  all
  defaults   shall  be  made  good  to  annul  such  declaration  and  its
  consequences.
    3. The supreme court shall have jurisdiction of any  suit,  action  or
  proceeding by the trustee on behalf of the bondholders. The venue of any
  such  suit,  action  or  proceeding shall be laid in the county of Saint
  Lawrence.
    4. Before declaring the principal of all bonds  due  and  payable  the
  trustee  shall  first  give  thirty  days'  notice  in  writing  to  the
  authority.
    5. Any such trustee, whether or not all bonds have been  declared  due
  and  payable,  shall  be  entitled  as  of right to the appointment of a
  receiver who may enter  and  take  possession  of  the  bridge  and  any
  approach  roads  and the ferry or ferries then under the jurisdiction of
  the authority or any part or parts thereof and operate and maintain  the
  same  and  collect  and  receive all tolls and other revenues thereafter
  arising from the operation thereof in the same manner as  the  authority
  itself might do, and shall deposit all such moneys in a separate account
  and  apply  the  same  in  such manner as the court shall direct. In any
  suit, action or proceeding by the trustee the  fees,  counsel  fees  and
  expenses  of  the  trustee and of the receiver, if any, shall constitute
  taxable disbursements and all costs and  disbursements  allowed  by  the
  court  shall  be  a first charge on any tolls and other revenues derived
  from the operation of the bridge and the ferry or ferries.
    6. Such trustee shall, in addition to the foregoing, have and  possess
  all  of  the  powers  necessary  or  appropriate for the exercise of any
  functions specifically set forth  herein  or  incident  to  the  general
  representation  of  the bondholders in the enforcement and protection of
  their rights.