Section 1840-I. Remedies of bondholders and noteholders

1. In the event
  that the authority shall default in  the  payment  of  principal  of  or
  interest  on  or  sinking  fund  payment on, any issue of bonds or notes
  after the same shall become due, whether at maturity or otherwise or  in
  the  event  that  the authority shall default in any agreement made with
  the holders of any issue of bonds or notes, the holders  of  twenty-five
  per  centum  in aggregate principal amount of the bonds or notes of such
  issue then outstanding, by instrument or instruments filed in the office
  of the clerk of Nassau and Suffolk counties 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 or notes  for  the  purposes  herein
  provided.
    2.  Such  trustee  may,  and  upon  written  request of the holders of
  twenty-five percentum in principal amount of such notes  or  bonds  then
  outstanding  shall,  in  his  or  its  own  name: (a) by suit, action or
  proceeding in accordance with the civil practice law and rules,  enforce
  all  rights  of  the  bondholders or noteholders, including the right to
  require the authority to carry out any agreement with such  holders  and
  to perform its duties pursuant to this title;
    (b) bring suit upon such bonds or notes;
    (c) by  action or suit, require the authority to account as if it were
  the trustee of any express trust for the holders of such bonds or notes;
    (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 or notes;
    (e) declare all such bonds or  notes  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  or  notes
  then outstanding, annul such declaration and its consequences.
    3.  The  supreme  court shall have original, exclusive jurisdiction of
  any suit, action or proceeding by the noteholder or  bondholder  trustee
  on  behalf  of  such noteholders or bondholders. Any such suit or action
  shall be brought or commenced in either the  county  of  Nassau  or  the
  county of Suffolk.
    4.  Before  declaring the principal of all such bonds due and payable,
  the trustee shall first give thirty  days'  notice  in  writing  to  the
  authority  and  the  chairman  of  the  board  of supervisors and county
  legislature.