Section 1661. Remedies of bondholders

1. If, and to the extent, and in
  the events, provided  in  the  resolution  authorizing  the  bonds,  the
  holders  of  not less than twenty-five per centum in aggregate principal
  amount  of  bonds  at  any  time  outstanding,  may  by  instrument   or
  instruments  filed  in the office of the clerk of the county of Onondaga
  and proved or acknowledged in the same manner as a deed to  be  recorded
  appoint  a  trustee  to  represent  all the bondholders for the purposes
  hereafter provided which trustee or successor trustee may,  however,  be
  removed  or  a  new  trustee appointed at any time by the holders of not
  less than fifty-one per centum of such bonds by  similar  instrument  or
  instruments so filed, and so proved or acknowledged.
    2.  Subject to such authorizing resolution, such trustee may, and upon
  written request of the holders of not less than twenty-five  per  centum
  in  principal  amount of the bonds then outstanding shall, in his or its
  own name
    (a) by suit, action or special proceeding enforce all  rights  of  the
  bondholders,  including  the  right  to  require  the  authority and the
  members or officers thereof to collect license fees  and  other  revenue
  adequate  to  carry  out any agreement as to, or pledge of, such fees or
  revenue, and to require  the  authority  and  the  members  or  officers
  thereof  to  carry  out any other agreements with the bondholders and to
  perform its and their duties under this title;
    (b) bring suit upon the 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 bondholders;
    (d)  by  action or suit in equity, enjoin any acts or things which may
  be unlawful or in violation of the rights of the bondholders;
    (e) after thirty days' notice in writing to the authority and if,  and
  in  the  events,  specified in the resolution, declare all bonds due and
  payable, and  thereafter  if,  and  in  the  events,  specified  in  the
  resolution, 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  the  bondholders  the  venue  of
  which shall be laid in Onondaga county.
    4. Subject to the authorizing resolution, any such trustee, whether or
  not  all  bonds have been declared due and payable, shall be entitled as
  of right to the appointment  of  a  receiver  who  may  enter  and  take
  possession  of  the  properties  of  the  authority or any part or parts
  thereof and operate and maintain the same and collect  and  receive  all
  license  fees  and  other  revenues  thereafter  arising  therefrom  and
  exercise such other powers of  the  authority  as  the  court  may  deem
  advisable  in the same manner as the authority itself might do and shall
  deposit all such moneys in a separate account and apply the same in such
  manner as the court shall direct. 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 license fees and other revenues derived from such properties.
    * NB Repealed October 6, 2009