NY Pub Auth L § 2066 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 14 - Broome County Sports Center Authority 2066 - Remedies of Bondholders.

*  § 2066. 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 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.   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  proceeding at law or in equity 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 in 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 the bondholders. The venue of any such suit, action or proceeding shall be laid in the county of Broome.   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 the 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 construction, operation, maintenance and reconstruction of such part or parts of the project and proceed with any construction thereon 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  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 such project.    f. The 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 dissolved September 1, 1977