NY Pub Auth L § 1599-PPP (2021)
2021 New York Laws PBA - Public Authorities Article 7 - Parking Authorities Title 16 - Village of Mount Kisco Parking Authority 1599-PPP - Remedies of Bondholders.

* §  1599-ppp.  Remedies  of  bondholders.  (a)  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 Westchester  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.  (b)  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  (1)  by  suit, action or special proceedings 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;  (2) bring suit upon such bonds;  (3) by action or suit in equity, require the authority to  account  as if  it  were  the  trustee  of  an express trust for the holders of such bonds;  (4) by action or suit in equity, enjoin any acts or things  which  may be unlawful or in violation of the rights of the holders of such bonds;  (5)  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.  (c) 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 Westchester.  (d)  Before declaring the principal of all such bonds due and payable, the trustee shall first give thirty  days'  notice  in  writing  to  the authority.  (e) 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.  (f) 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.   * NB Authority ceased to exist 06/01/1976   * NB There are 2 § 1599-ppp's