2023 New York Laws › PBA - Public Authorities › Article 7 - Parking Authorities › Title 18 - Tarrytown Parking Authority › 1600-P - Remedies of Bondholders.

* §  1600-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
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  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
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 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 Ceased to exist December 31, 1999