NY Pub Auth L § 887 (2021)
2021 New York Laws PBA - Public Authorities Article 4 - Market Authorities Title 4 - Genesee Valley Regional Market Authority 887 - Remedies of Bondholders.

§  887.  Remedies  of  bondholders. 1. In the event that the authority shall default in the payment of the principal of or interest on  any  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 the bonds, the holders of twenty-five per  centum in aggregate principal amount of the bonds then outstanding, by instrument or instruments filed in the office of  the  clerk  of  the county of Monroe 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 the bonds then outstanding shall, 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  rentals,  and  other  charges  adequate  to  carry  out any agreement as to, or pledge of, such rentals, fees and other charges  and to require the authority and the board to carry out any other agreements with the bondholders and to perform its 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  due and payable and, if any default shall be made good, 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 proceedings shall be laid in Monroe county.   4.  Before  declaring  the  principal of all bonds due and payable the trustee  shall  first  give  thirty  days'  notice  in  writing  to  the authority.   5.  Any  such trustee, whether or not all bonds have been declared due and payable, shall be entitled as of  right  to  the  appointment  of  a receiver  who  may  enter  and  take possession of the properties of the authority then under the jurisdiction of the authority or  any  part  or parts  thereof and operate and maintain the same and collect and receive all revenues thereafter arising therefrom and exercise such other powers of the authority as the court may deem advisable in the same  manner  as the  authority  itself  might  do and shall deposit all such moneys in a separate account or accounts and apply the same in such  manner  as  the court  shall  direct.  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 derived from the marketing facilities.   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 the bondholders in the enforcement and  protection  of their rights.