Section 1917. Remedies for 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 the instrument or instruments  filed  in
  the  office  of  the  clerk  of  the  county  of  Oneida  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 his or its own name
    (a) by 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 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 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 Oneida.
    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 construction, operation, maintenance
  and reconstruction of such part or parts of the project and proceed with
  any construction thereon 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  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 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.