Section 2050-II. Remedies of bondholders

Subject  to any resolution or
  resolutions  adopted  pursuant  to  subdivision  three  of  section  two
  thousand fifty-hh 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 the aggregate
  principal amount of  the  bonds  of  such  issue  then  outstanding,  by
  instrument  or  instruments filed in the office of the clerk of the town
  in which the principal office of the authority is located 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 holder 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, including the right to
  require the authority to collect rents, rates 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 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, to  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  where  the
  principal office of the authority is located.
    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
  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  holders  of  such  bonds,  shall take possession of all moneys and
  other property derived from such  part  or  parts  of  the  project  and
  proceed  with  any  construction  thereon  or  the  acquisition  of  any
  property, real or personal, in connection therewith that  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 the project.