Section 2675-O. Remedies for bond holders

1.  In  the  event that the
  authority shall default in the payment of principal or interest  on  any
  issue  of  bonds after the same shall become due, whether at maturity or
  upon call 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 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 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 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, her or its own name:
    (a) by suit,  action  or  proceeding  in  accordance  with  the  civil
  practice  law  and  rules,  enforce  all  rights  of  the holders of the
  authority's bonds, and include the right to  require  the  authority  to
  collect  fees  and  charges  and  interest  adequate  to  carry  out any
  agreements as to, or pledge or assignment of or lien upon, such fees and
  charges and interest, on properties 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 suit upon such bonds;
    (c)  by action or suit, 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, 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 the 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 and appropriate  for  the  exercise  of  any
  functions  specifically  set  forth  herein  or  incident to the general
  representation  of  the  holders  of  the  authority's  bonds   in   the
  enforcement and protection of their rights.
    4.  The  Supreme  Court shall have jurisdiction of any suit, action or
  proceeding by the trustee on behalf of such holders of  the  authority's
  bonds. The venue of any such suit, action or proceeding shall be laid in
  the city in which the principal office of the authority is located.