Section 1600-PP. Remedies of bondholders

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  of  Westchester  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   then
  outstanding shall, in the trustee's own name:
    (a)  by  mandamus  or  other  suit, action or proceeding, at law or in
  equity, enforce all rights of the bondholders, including  the  right  to
  require  the  authority to collect revenues adequate to carry out by any
  agreement as to, or  pledge  of,  such  revenues,  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 suit upon such bonds;
    (c) 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;
    (d) 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;
    (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, to annul
  such declaration and its consequences.
    3. The supreme court shall have jurisdiction of any  suit,  action  or
  proceeding  by  the  trustee  on behalf of bondholders. The venue of any
  such suit,  action  or  proceeding  shall  be  laid  in  the  county  of
  Westchester.
    4.  Before  declaring the principal of all such bonds due and payable,
  the trustee shall first give thirty  days'  notice  in  writing  to  the
  authority.
    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
  project the revenues of which are pledged for the security of the  bonds
  of  such  issue, and such receiver may enter and take possession of such
  part or parts of the project and, subject to  any  pledge  or  agreement
  with bondholders, shall take possession of all moneys and other property
  derived  from or applicable to the acquisition, construction, operation,
  maintenance and reconstruction of such part or parts of the project  and
  proceed   with  the  acquisition  of  any  real  property  necessary  or
  convenient in  connection  with  the  project  that  the  authority  has
  covenanted  to  construct, and with any construction which the authority
  is under obligation to do and to operate, maintain and reconstruct  such
  part  or  parts  of  the  project  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 fee, 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 such project.
    6.  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.