2023 New York Laws › PBA - Public Authorities › Article 4 - Market Authorities › Title 2 - Central New York Regional Market Authority › 836 - Remedies of Bond Holders.

§  836.  Remedies  of bond holders. 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  Onondaga  and proved or acknowledged in the same manner as a
deed to be recorded, may appoint a trustee to represent the bond holders
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
bond holders, including the right to require the authority and the board
to collect rentals, license fees, and other revenues adequate  to  carry
out  any  agreement as to, or pledge of, such rentals and to require the
authority and the board to carry out any other agreements with the  bond
holders and to perform its and their 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 bond holders;
(d) by action or suit in equity, enjoin any acts or things  which  may
be unlawful or in violation of the rights of the bond holders;
(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 bond holders.  The  venue  of
any such suit, action or proceeding shall be laid in Onondaga 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  rentals,  license  fees  and  other  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 rentals and other  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 bond holders in the enforcement and protection  of
their rights.