2023 New York Laws › PBA - Public Authorities › Article 7 - Parking Authorities › Title 14*** - City of Schenectady Parking Authority › 1599-P*4 - Remedies of Bondholders.

* §  1599-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
Schenectady  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  action  or  special  proceeding  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 special 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 special proceeding, 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  proceeding  shall  be  laid  in  the  county of
Schenectady.
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.
* NB Authority ceased to exist 08/05/2002
* NB There are 4 § 1599-p's