2023 New York Laws › PBA - Public Authorities › Article 7 - Parking Authorities › Title 8-A - Harrison Parking Authority › 1570-O - Remedies of Bondholders.

§  1570-o.  Remedies  of  bondholders.  Subject  to  any resolution or
resolutions adopted pursuant to this title:
1. In the event that the authority shall default  in  the  payment  of
principal  of  or  interest  on  any issue of 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 provided in this section.
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 proceeding in accordance with the civil practice  law
and rules, 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 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 proceeding, enjoin any acts or things  which  may  be
unlawful or in violation of the rights of the holders of such bonds; and
(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
Westchester.
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 powers specified in this
section, have and possess all of the powers necessary or appropriate for
the exercise of any functions specifically set forth in this section  or
incident to the general representation of bondholders in the enforcement
and protection of their rights.