2023 New York Laws › PBA - Public Authorities › Article 7 - Parking Authorities › Title 14** - City of Niagara Falls Parking Authority › 1599-O*3 - Remedies of Bondholders.

* §  1599-o.  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  Niagara
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
percentum 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 Niagara.
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  necessary  real  property  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 07/01/1974
* NB There are 4 § 1599-o's