2023 New York Laws › PBA - Public Authorities › Article 7 - Parking Authorities › Title 2 - White Plains Parking Authority › 1439 - Remedies of Bondholders.

§  1439.  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  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 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 suit, 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 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  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 revenues or other  moneys
and  other  property  derived  from  or  applicable to the construction,
operation and maintenance 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 and maintain 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.