NY Pub Auth L § 1599-O (2021)
2021 New York Laws PBA - Public Authorities Article 7 - Parking Authorities Title 14 - City of Binghamton Parking Authority 1599-O - Remedies of Bondholders.

* §  1599-o.  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 Broome 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 mandamus or other suit, action  or  proceeding  at  law  or  in equity  enforce  all  rights  of the bondholders, including the right to require the authority to collect revenues adequate to  carrying  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 suit in equity, 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 suit in equity, 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 Broome.   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  real  property  necessary  or convenient 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.   * NB Authority ceased to exist 12/31/99   * NB There are 4 § 1599-o's