NY Pub Auth L § 666 (2021)
2021 New York Laws PBA - Public Authorities Article 3 - Bridge and Tunnel Authorities Title 7 - Nassau County Bridge Authority 666 - Remedies of Bondholders.

§  666.  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 Nassau 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  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 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 Nassau.   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  tolls  or  other  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 Atlantic Beach bridge or of any real property necessary  or  convenient  in  connection with  Atlantic  Beach  bridge  or  any new bridge 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 collect and receive all tolls and other 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 tolls, rentals and other revenues derived from such project.   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 bondholders in the enforcement and protection of their rights.