NY Pub Auth L § 162 (2021)
2021 New York Laws PBA - Public Authorities Article 2 - Park, Parkway and Highway Authorities Title 3 - Jones Beach State Parkway Authority 162 - Remedies of Bondholders.

*  §  162. 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 such issue then outstanding by instrument or instruments filed in the office of the clerk of the county of Nassau or of Suffolk 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 such issue of bonds then outstanding shall upon being  furnished  security  satisfactory  to  the trustee  for  the  recovery  of  his or its expense and against loss and liability 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 revenues adequate to carry out any agreement as to, or pledge of, such revenues 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  of  such  issue 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 issue 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 the bondholders. The venue of any such  suit,  action  or  proceeding  shall  be  laid in Nassau county or Suffolk county.   4. 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  said 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 construction,  operation,  maintenance and reconstruction of said part or parts of the project and proceed with any  construction  thereon which the authority is under obligation to do and to operate, maintain and reconstruct the said 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.   5. 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.   6.  All  bonds issued pursuant to the same resolution, although issued at different times and with different terms and provisions and  although supplemental  resolutions  may be required prior to the issuance of part of such bonds, shall constitute one  issue  for  the  purposes  of  this section,  but  any resolution may provide that the bonds issued pursuant thereto shall constitute one or more separate issues for the purposes of this section.   * NB (Authority abolished June 30, 1978)