2012 New York Consolidated Laws
PBA - Public Authorities
Article 7 - PARKING AUTHORITIES
Title 16* - (1599-AAA*2 - 1599-TTT*2) JAMESTOWN PARKING AUTHORITY
1599-PPP*2 - Remedies of bondholders.

 
    * §  1599-ppp.  Remedies  of  bondholders.  1.  In  the event that the
  authority shall default in the payment of principal of  or  interest  on
  any  issue  of  the  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 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 any issue of the
  bonds, the holders of twenty-five  per  centum  in  aggregate  principal
  amount  of  the  bonds  of such issue then outstanding, by instrument or
  instruments filed in the office of the clerk of the county of Chautauqua
  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  such  bonds  then
  outstanding shall, in his or its own name
    (a) by mandamus or other suit, action  or  proceeding  at  law  or  in
  equity  enforce  all  rights  of the bondholders, including the right to
  require the authority to collect revenues adequate to carry out  by  any
  agreement  as  to,  or  pledge  of,  such  revenues,  and to require the
  authority to carry out any other agreements with  the  holders  of  such
  bonds and to perform its duties under this title;
    (b) bring suit upon such 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  holders  of  such
  bonds;
    (d)  by  action or suit in equity, enjoin any acts or things which may
  be unlawful or in violation of the rights of the holders of such bonds;
    (e) declare all such 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 principal amount of such bonds then outstanding, 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 bondholders.  The  venue  of  any
  such  suit,  action  or  proceeding  shall  be  laid  in  the  county of
  Chautauqua.
    4. Before declaring the principal of all such bonds due  and  payable,
  the  trustee  shall  first  give  thirty  days' notice in writing to the
  authority.
    5. Any such trustee, whether or not the issue of bonds represented  by
  such  trustee has been declared due and payable, shall be entitled as of
  right to the appointment of a receiver of  any  part  or  parts  of  the
  project  the revenues of which are pledged for the security of the bonds
  of such issue, and such receiver may enter and take possession  of  such
  part  or  parts  of  the project and, subject to any pledge or agreement
  with bondholders, shall take possession of all moneys and other property
  derived from or applicable to the acquisition, construction,  operation,
  maintenance  and reconstruction of such part or parts of the project and
  proceed  with  the  acquisition  of  any  necessary  real  property   in
  connection  with  the  project  that  the  authority  has  covenanted to
  construct, and with  any  construction  which  the  authority  is  under
  obligation  to  do and to operate, maintain and reconstruct such part or
  parts of the project and any  pledge  thereof  or  agreement  thereafter
  arising  therefrom  subject  to  any  pledge  thereof  or agreement with
  bondholders relating thereto and perform the public duties and carry out
  the agreements and obligations of the authority under the  direction  of
  the  court.  In  any suit, action or proceeding by the trustee, the fee,
  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  revenues  derived
  from such project.
    6. Such trustee shall, in addition to the aforegoing, 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 bondholders in the enforcement and protection of their
  rights.
    * NB Authority ceased to exist 04/01/1977
    * NB There are 2 § 1599-ppp's