Section 1048-P. Remedies of bondholders

Subject  to  any resolution or
  resolutions adopted pursuant to paragraph (i)  of  subdivision  four  of
  section one thousand forty-eight-o 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  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 city
  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  per  centum  in  principal amount of such bonds outstanding
  shall, in his or its own name:
    (a) by action or proceeding in accordance with the civil practice  law
  and  rules,  enforce  all  rights  of  the  bondholders  and 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 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 per
  centum of the principal amount of such  bonds  then  outstanding,  annul
  such declaration and its consequences.
    3.  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.
    4. The  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 of Erie.
    5. Before declaring the  principal  of  bonds  due  and  payable,  the
  trustee  shall  first  give  thirty  days'  notice  in  writing  to  the
  authority.