Section 1199-IIII. Remedies of bondholders

Subject to any resolution or
  resolutions adopted pursuant to paragraph (j)  of  subdivision  four  of
  section one thousand one hundred ninety-nine-hhhh of this title:
    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
  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  outstanding
  shall, in 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 collect rents, rates, fees and charges adequate
  to  carry  out  any agreement as to, or pledge of, such rents, rates and
  charges, 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 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  incidental  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.  Venue  of  any
  such action or proceeding shall be laid in the county.
    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
  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.
    6.  Before  declaring  the  principal  of  bonds  due and payable, the
  trustee  shall  first  give  thirty  days'  notice  in  writing  to  the
  authority.
    * NB There are 2 § 1199-iiii's