NY Pub Auth L § 2053-K (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 13-M - Rockland County Solid Waste Management Authority 2053-K - Remedies of Bondholders.

§  2053-k.  Remedies  of  bondholders.  Subject  to  any resolution or resolutions  adopted  pursuant  to  subdivision  three  of  section  two thousand fifty-three-j 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 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, fees and charges adequate to carry out any agreement as to, or pledge of, such rents, rates,  fees 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 authority.   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 or notes 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 notes 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.