2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 8 - New York Job Development Authority Subtitle I General Provisions › Sub Title 3 - Subtitle Iii Financial Assistance From Pollution Control Funds › 1818 - Pollution Control Bonds and Notes.

§ 1818. Pollution control bonds and notes. 1. The authority shall have
the  power  and  is  hereby authorized to issue at one time or in series
from time to time (a) pollution control bonds in the aggregate principal
amount  of  not  exceeding  seventy-five  million   dollars,   excluding
pollution  control  bonds issued to refund outstanding pollution control
bonds, and (b) pollution control notes in anticipation of  the  issuance
of such pollution control bonds.
2. The authority shall have power from time to time to renew pollution
control  notes  or  to  issue  pollution  control renewal notes for such
purpose, to issue pollution  control  bonds  to  pay  pollution  control
notes,  and  whenever  it  deems  refunding  expedient,  to  refund  any
pollution control bonds by the issuance of new pollution control  bonds,
whether the bonds to be refunded have or have not matured, and may issue
pollution  control  bonds  partly to refund pollution control bonds then
outstanding and partly for the purposes specified in this subtitle.  The
bonds  issued  for  refunding  purposes  shall  be sold and the proceeds
applied to the purchase, redemption  or  payment  of  the  bonds  to  be
refunded.
3.  The  holders  of  pollution control bonds and notes shall have the
following rights and remedies, subject to the terms  of  the  resolution
authorizing  such  bonds  and notes or any trust indenture, secured loan
agreement or other instrument related thereto.
a. In the event that the authority shall default  in  the  payment  of
principal  of  or  interest  on  any issue of pollution control bonds or
notes 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 contract made
with  the  holders of any issue of pollution control bonds or notes, the
holders of twenty-five per cent in aggregate  principal  amount  of  the
bonds  or  notes  of  such  issue  then  outstanding,  by  instrument or
instruments filed in the office of the clerk in the county of Albany and
approved or acknowledged in the same manner as a deed  to  be  recorded,
may  appoint  a  trustee to represent the holders of such bonds or notes
for the purposes herein provided.
b. Such trustee may, and  upon  written  request  of  the  holders  of
twenty-five  per  cent  in  principal amount of such bonds or notes then
outstanding shall, in his or its own name:
(i) by mandamus or other suit, action  or  proceeding  at  law  or  in
equity  enforce  all  rights  of  the  pollution  control bondholders or
noteholders, including any right to require  the  authority  to  collect
revenues  adequate to carry out the provisions of any agreement with the
holders of such bonds or notes and to  perform  its  duties  under  this
title;
(ii) bring suit upon such bonds or notes;
(iii) 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
or notes;
(iv)  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
or notes;
(v)  subject to the provisions of subdivision four of section eighteen
hundred five of this title, declare all such  bonds  or  notes  due  and
payable,  and if all defaults shall be made good, then, with the consent
of the holders of twenty-five per cent of the principal amount  of  such
bonds  or  notes  then  outstanding,  to  annul such declaration and its
consequences.
c. 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  the  pollution control bondholders or noteholders in
the enforcement and protection of their rights.
d.  The  supreme  court shall have jurisdiction of any suit, action or
proceeding by the trustee on behalf of such bondholders or  noteholders.
The  venue  of  any such suit, action or proceeding shall be laid in the
county of Albany.