NY Pub Auth L § 586 (2021)
2021 New York Laws PBA - Public Authorities Article 3 - Bridge and Tunnel Authorities Title 4 - Thousand Islands Bridge Authority 586 - Remedies of Bondholders.

§  586.  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 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 instrument  or  instruments,  filed  in  the  office of the clerk of the county of Jefferson and proved or acknowledged in the same manner  as  a deed  to be recorded, may appoint a trustee to represent the bondholders 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 and the  board to  collect tolls and rentals adequate to carry out any agreement as to, or pledge of, such tolls and rentals, and to require the  authority  and the  board to carry out any other agreements with the bondholders and to perform its and their 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 bonds due and payable and if any default 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 proceedings shall be laid in Jefferson county.   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 bridges and road 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, rentals and other revenues thereafter arising from the American  channel  bridge 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,  rentals  and  other  revenues  derived from the American channel bridge.   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.