2023 New York Laws › PBA - Public Authorities › Article 3 - Bridge and Tunnel Authorities › Title 8 - Ogdensburg Bridge Authority › 707 - Remedies of Bondholders.

§  707.  Remedies  of  bondholders. 1. In the event that the authority
shall default in the payment of principal of or interest on any  of  the
bonds  after the same shall have 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 an instrument or instruments in writing filed in the  office  of  the
clerk  of the county of Saint Lawrence 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 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  to  collect
tolls  and revenues adequate to carry out any agreement as to, or pledge
of, such tolls and revenues, and to require the authority 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 of the outstanding bonds due and payable, and  if  all
defaults   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  proceeding shall be laid in the county of Saint
Lawrence.
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  bridge  and  any
approach  roads  and the ferry or ferries then under the jurisdiction of
the authority or any part or parts thereof and operate and maintain  the
same  and  collect  and  receive all tolls and other revenues thereafter
arising from the operation thereof in the same manner as  the  authority
itself might do, and shall deposit all such moneys in a separate account
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 tolls and other revenues derived
from the operation of the bridge and the ferry or ferries.
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.