2023 New York Laws › PBA - Public Authorities › Article 7 - Parking Authorities › Title 22 - Village of Nyack Parking Authority › 1622-P - Remedies of Bondholders.

§  1622-p. Remedies of bondholders. 1. 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 Rockland 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  such  bonds  then
outstanding shall, in his or its own name:
(a) by mandamus or other suit, action or  proceeding,  at  law  or  in
equity,  enforce  all  rights to 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 suit in equity, 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 suit in equity, enjoin any acts or things which may
be unlawful or in violation of the rights of the holders of such bonds;
(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  proceedings  shall  be  laid  in  the county of
Rockland.
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  real  property  necessary   or
convenient  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 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.