NY Pub Auth L § 1299-M (2021)
2021 New York Laws PBA - Public Authorities Article 5 - Public Utility Authorities Title 11-A - Niagara Frontier Transportation Authority 1299-M - Remedies of Noteholders and Bondholders.

§  1299-m.  Remedies  of  noteholders and bondholders. 1. In the event that the authority shall default in  the  payment  of  principal  of  or interest on any issue of notes or 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 notes or bonds, the holders  of  twenty-five  per  centum  in  aggregate principal  amount  of the notes or bonds of such issue than outstanding, by instrument or instruments filed in the office of  the  clerk  of  any county  in  which the authority operates and has an office and proved or acknowledged in the same manner as a deed to be recorded, may appoint  a trustee to represent the holders of such notes or 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 notes or  bonds  then outstanding shall, in his or its own name:  (a)  by  suit,  action  or  proceeding  in  accordance  with the civil practice law and  rules,  enforce  all  rights  of  the  noteholders  or bondholders,  including  the  right  to require the authority to collect fares, tolls, rentals, rates, charges and other fees adequate  to  carry out  any  agreement  as  to,  or  pledge of, such fares, tolls, rentals, rates, charges and other fees and to require the authority to carry  out any  other  agreements  with  the  holders of such notes or bonds and to perform its duties under this title;  (b) bring suit upon such notes or bonds;  (c) by action or suit, require the authority to account as if it  were the trustee of an express trust for the holders of such notes or bonds;  (d) by action or suit, enjoin any acts or things which may be unlawful or in violation of the rights of the holders of such notes or bonds;  (e)  declare  all  such  notes  or  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 notes or 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  or  noteholders  in the enforcement and protection of their rights.   4. The supreme court shall have jurisdiction of any  suit,  action  or proceeding  by the trustee on behalf of such noteholders or bondholders. The venue of any such suit, action or proceeding shall be  laid  in  the county  in  which  the instrument or instruments are filed in accordance with subdivision one of this section.   5. Before declaring the principal of notes or bonds due  and  payable, the  trustee  shall  first  give  thirty  days' notice in writing to the governor, to the authority, to  the  comptroller  and  to  the  attorney general of the state.