§ 1475-p. Remedies of bondholders. Subject to any resolution or
resolutions adopted pursuant to this title:

1. In the event that the authority shall default in the payment of
principal of or interest on any issue of the 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 the 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
of Onondaga 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 provided in this section.

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 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 revenues adequate to carry out by any
agreement as to, or pledge of, such revenues, and to require the
authority to carry out any other agreements with the holders of such
bonds and to perform its duties under this title;

(b) bring suit 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;

(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 per
centum of the principal amount of such bonds then outstanding, to 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 bondholders. The venue of any
such suit, action or proceeding shall be laid in the county of Onondaga.

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.

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
project the revenues of which are pledged for the security of the bonds
of such issue, and such receiver may enter and take possession of such
part or parts of the project and, subject to any pledge or agreement
with bondholders, shall take possession of all moneys and other property
derived from or applicable to the acquisition, construction, operation,
maintenance and reconstruction of such part or parts of the project and
proceed with the acquisition of any necessary real property in
connection with the project that the authority has covenanted to
construct, and with any construction which the authority is under
obligation to do and to operate, maintain and reconstruct such part or
parts of the project 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 fee,
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 such project.

6. Such trustee shall, in addition to the aforegoing, 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.