§ 1120-i. Remedies of bondholders. Subject to any resolution or
resolutions adopted pursuant to paragraph (j) of subdivision four of
section one thousand one hundred twenty-h of this title:

1. In the event that the authority shall default in the 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 town 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 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 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
percent of the principal amount of such bonds then outstanding, 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 of Saratoga,
New York.

5. 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 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 revenues derived from the properties.