NY Pub Auth L § 1493-P (2021)
2021 New York Laws PBA - Public Authorities Article 7 - Parking Authorities Title 4-A - City of Albany Parking Authority 1493-P - Remedies of Bondholders.

§  1493-p. 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 the bonds of such issue then outstanding, by instrument or instruments filed  in  the office  of  the clerk of the county of Albany 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 herein provided.   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  special  proceeding  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 special 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 special 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 Albany.   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 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.