Section 2680-G. Remedies of bondholders

Subject to any resolution adopted
  pursuant to 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  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
  and provided or acknowledged in the 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 percent in principal amount of such bonds outstanding, shall
  in his, her 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 fees and charges adequate to carry  out
  any  agreement as to, or pledge of; such fees and charges and to require
  the authority to carry out any other agreements  with  any  municipality
  and/or 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
  percent of the principal amount of such bonds then outstanding, to annul
  such declaration and its consequences.
    3.  Such  trustee  shall,  in  addition  to  the  powers  granted   in
  subdivision  two  of  this  section,  have and possess all of the powers
  necessary or appropriate for the exercise of any functions  specifically
  set  forth  in this section 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 Chautauqua county.
    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
  properties, the revenues of which are pledged for the  security  of  the
  bonds  of  such  issue,  and,  subject  to  any pledge or agreement with
  holders of such bonds, such receiver may enter and  take  possession  of
  such  part  or  parts of the properties and shall take possession of all
  moneys and other property derived  from  such  part  or  parts  of  such
  properties  and proceed with any construction thereon or the acquisition
  of any property, real or personal, in  connection  therewith  which  the
  authority  is  under  obligation  to  do,  and  to operate, maintain and
  reconstruct such part or parts of the properties 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 revenue derived from the properties.