NY Pub Auth L § 1475-P (2021)
2021 New York Laws PBA - Public Authorities Article 7 - Parking Authorities Title 4 - Syracuse Parking Authority 1475-P - Remedies of Bondholders.

§  1475-p.  Remedies  of  bondholders.  Subject  to  any resolution or resolutions adopted pursuant to this title:   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 Onondaga 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 provided in this section.   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 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 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 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;  (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 Onondaga.   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 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 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.