Section 1232-H. Remedies of bondholders

Subject  to  any resolution or
  resolutions adopted pursuant to paragraph (i)  of  subdivision  four  of
  section twelve hundred thirty-two-g of this title:
    1.  In  the  event  that the authority shall default in the payment of
  principal or of interest on any issue of  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  bonds,  the  holders  of  twenty-five  percent  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
  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
  purpose herein provided.
    2.  Such  trustee  may,  and  upon  written  request of the holders of
  twenty-five percent in principal amount of such bonds outstanding shall,
  in his, her or its own name:
    (a) by action or proceeding in accordance with the civil practice  law
  and rules, enforce all rights of the bondholders, including the right to
  require the authority to carry out any other agreements with the holders
  of such bonds to perform its duties under this title;
    (b) bring an action or proceeding upon such bonds;
    (c) by action or 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 proceeding, enjoin any acts or things which may be
  unlawful or in violation of the rights of the holders of such bonds; and
    (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
  percent of the principal amount of such bonds  then  outstanding,  annul
  such declaration and its consequences.
    3. Such trustee shall, in addition to the foregoing provisions 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 bondholders in the enforcement
  and protection of their rights.
    4. The state supreme court shall have jurisdiction of  any  action  or
  proceeding  by  the  trustee on behalf of such bondholders. The venue of
  any such action or proceeding shall be laid in the county.
    5. Before declaring the  principal  of  bonds  due  and  payable,  the
  trustee shall first give thirty days notice in writing to the authority.
    6.  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
  properties the revenues of which are pledged for  the  security  of  the
  bonds  of  such  issue,  and,  subject  to  any pledge or agreement with
  holders of such bonds, such receiver may enter and  take  possession  of
  such  part  or  parts of the properties and shall take possession of all
  moneys and other property derived  from  such  part  or  parts  of  such
  properties  and proceed with any construction thereon or the acquisition
  of any property, real or personal, in  connection  therewith  which  the
  authority  is  under  obligation  to  do,  and  to operate, maintain and
  reconstruct such part or parts of the properties 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 fees, 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 the properties.