Section 2052-I. Remedies of bondholders

Subject to any resolution or
  resolutions  adopted  pursuant  to  subdivision  three  of  section  two
  thousand fifty-two-h 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 local
  governments 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 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 in which 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.
    7.  Each  of the local governments and other municipalities within the
  area of operation are authorized to pledge to and agree with the holders
  of the bonds that such local governments  and  municipalities  will  not
  limit  or  impair the rights hereby vested in the authority to purchase,
  construct,  maintain,  operate,  repair,  improve,  increase,   enlarge,
  extend,  reconstruct,  renovate, rehabilitate or dispose of any project,
  or any part or parts thereof, for which bonds  of  the  authority  shall
  have  been issued, to establish and collect rates, rents, fees and other
  charges referred to in this title  and  to  fulfill  the  terms  of  any
  agreements  made  with  the  holders  of  the  bonds  or with any public
  corporation or person with reference to such project or part thereof, or
  in any way impair the rights and remedies of the bondholders, until  the
  bonds,  together  with  interest  thereon,  with  interest on any unpaid
  installments of interest and all costs and expenses in  connection  with
  any  action  or  proceeding by or on behalf of the bondholders are fully
  met and discharged.
    * NB There are 2 § 2052-i's