Section 3963. Remedies of bondholders

Subject  to  any  resolution  or
  resolutions adopted pursuant to paragraph  (f)  of  subdivision  six  of
  section  thirty-nine  hundred  sixty-two  of this title: 1. In the event
  that the authority shall default in  the  payment  of  principal  of  or
  interest  on  any  issue  of bonds, notes or other obligations 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 shall
  default in any agreement made with the holders of any  issue  of  bonds,
  notes,  or  other  obligations,  the holders of at least twenty-five per
  centum in aggregate principal  amount  of  the  bonds,  notes  or  other
  obligations of such issue then outstanding, by instrument or instruments
  filed  in  the  office  of  the  clerk  of  the  county  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,  notes  or  other
  obligations for the purpose provided in this section.
    2. Such trustee may, and upon written request of  the  holders  of  at
  least twenty-five per centum in principal amount of such bonds, notes or
  other  obligations outstanding shall, in his or her or its own name: (a)
  by action or proceeding in accordance with the civil  practice  law  and
  rules,  enforce  all rights of the holders of such bonds, notes or other
  obligations and require the authority to carry out any other  agreements
  with  the  holders  of  such  bonds,  notes  or other obligations and to
  perform its duties under this title; (b) bring an action  or  proceeding
  upon   such  bonds,  notes  or  other  obligations;  (c)  by  action  or
  proceeding, require the authority to account as if it were  the  trustee
  of  an  express  trust  for  the  holder  of  such bonds, notes or other
  obligations; and (d) by action or proceeding, enjoin any acts or  things
  which  may  be  unlawful or in violation of the rights of the holders of
  such bonds, notes or other obligations.
    3. Such trustee shall, in addition to the provisions  of  subdivisions
  one  and  two  of  this  section,  have  and  possess  all of the powers
  necessary or appropriate for the exercise of any functions  specifically
  set  forth  in this section or incident to the general representation of
  holders of bonds, notes or other  obligations  in  the  enforcement  and
  protection of their rights.
    4.  The  supreme  court  of  the county shall have jurisdiction of any
  action or proceeding by the trustee on behalf of such holders of  bonds,
  notes or other obligations.