2012 New York Consolidated Laws
PBA - Public Authorities
Article 8 - MISCELLANEOUS AUTHORITIES
Title 13-I - (2051-A - 2051-X) COUNTY OF FRANKLIN SOLID WASTE MANAGEMENT AUTHORITY
2051-I - Remedies of bondholders.

 
    §  2051-i.  Remedies  of  bondholders.  Subject  to  any resolution or
  resolutions adopted pursuant to paragraph (j) of  subdivision  three  of
  section two thousand fifty-one-h of this title:
    1.  In  the  event  that the authority shall default in the payment of
  principal of or interest on any 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 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  bonds,  the  holders  of  twenty-five  percent  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
  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
  purpose herein provided.
    2.  Such  trustee  may  and,  upon  written  request of the holders of
  twenty-five per centum in principal amount of  such  bonds  outstanding,
  shall in his or its own name:
    (a)  by action or proceeding in accordance with the civil practice law
  and rules, enforce all rights of the bondholders, including the right to
  require the authority to collect rents, rates and  charges  adequate  to
  carry  out  any  agreement  as  to,  or pledge of, such rents, rates and
  charges and to require the authority to carry out any  other  agreements
  with the holders of such bonds to perform its duties under this title;
    (b) bring an action or proceeding upon such bonds;
    (c) by action or proceeding, 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 proceeding, enjoin any acts or things which may be
  unlawful or in violation of the rights of the holders of such bonds; and
    (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.  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 bondholders in the enforcement and protection of their
  rights.
    4. The  supreme  court  shall  have  jurisdiction  of  any  action  or
  proceeding  by  the  trustee on behalf of such bondholders. The venue of
  any such action or proceeding shall be laid in the county.
    5. Before declaring the  principal  of  bonds  due  and  payable,  the
  trustee shall first give thirty days notice in writing to the agency.
    6.  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 holders of such bonds, shall take  possession  of  all  moneys  and
  other  property  derived  from  such  part  or  parts of the project and
  proceed  with  any  construction  thereon  or  the  acquisition  of  any
  property,  real  or personal, in connection therewith that the authority
  is under obligation to do, and to operate, maintain and reconstruct such
  part or parts of the  project  and  collect  and  receive  all  revenues
  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 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
  revenues derived from the project.
    7. The county is authorized to pledge to and agree with the holders of
  the bonds that the county will not limit or  impair  the  rights  hereby
  vested  in  the  authority  to  purchase,  construct, maintain, operate,
  repair,  improve,  increase,  enlarge,  extend,  reconstruct,  renovate,
  rehabilitate  or  dispose  of any project, or any part or parts thereof,
  for which bonds of the authority shall have been  issued,  to  establish
  and  collect  rates,  rents,  fees and other charges referred to in this
  title and to fulfill the terms of any agreements made with  the  holders
  of  the bonds or with any public corporation or person with reference to
  such project or part thereof, or  in  any  way  impair  the  rights  and
  remedies  of  the  bondholders,  until the bonds, together with interest
  thereon, with interest on any unpaid installments of  interest  and  all
  costs  and expenses in connection with any action or proceeding by or on
  behalf of the bondholders are fully met and discharged.