§ 1818. Pollution control bonds and notes. 1. The authority shall have
the power and is hereby authorized to issue at one time or in series
from time to time (a) pollution control bonds in the aggregate principal
amount of not exceeding seventy-five million dollars, excluding
pollution control bonds issued to refund outstanding pollution control
bonds, and (b) pollution control notes in anticipation of the issuance
of such pollution control bonds.

2. The authority shall have power from time to time to renew pollution
control notes or to issue pollution control renewal notes for such
purpose, to issue pollution control bonds to pay pollution control
notes, and whenever it deems refunding expedient, to refund any
pollution control bonds by the issuance of new pollution control bonds,
whether the bonds to be refunded have or have not matured, and may issue
pollution control bonds partly to refund pollution control bonds then
outstanding and partly for the purposes specified in this subtitle. The
bonds issued for refunding purposes shall be sold and the proceeds
applied to the purchase, redemption or payment of the bonds to be
refunded.

3. The holders of pollution control bonds and notes shall have the
following rights and remedies, subject to the terms of the resolution
authorizing such bonds and notes or any trust indenture, secured loan
agreement or other instrument related thereto.

a. In the event that the authority shall default in the payment of
principal of or interest on any issue of pollution control bonds or
notes 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 contract made
with the holders of any issue of pollution control bonds or notes, the
holders of twenty-five per cent 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 in the county of Albany and
approved 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.

b. Such trustee may, and upon written request of the holders of
twenty-five per cent in principal amount of such bonds or notes then
outstanding shall, in his or its own name:

(i) by mandamus or other suit, action or proceeding at law or in
equity enforce all rights of the pollution control bondholders or
noteholders, including any right to require the authority to collect
revenues adequate to carry out the provisions of any agreement with the
holders of such bonds or notes and to perform its duties under this
title;

(ii) bring suit upon such bonds or notes;

(iii) by action or suit in equity, require the authority to account as
if it were the trustee of an express trust for the holders of such bonds
or notes;

(iv) by action or suit in equity, enjoin any acts or things which may
be unlawful or in violation of the rights of the holders of such bonds
or notes;

(v) subject to the provisions of subdivision four of section eighteen
hundred five of this title, 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 cent of the principal amount of such
bonds or notes then outstanding, to annul such declaration and its
consequences.

c. 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 the pollution control bondholders or noteholders in
the enforcement and protection of their rights.

d. The supreme court shall have jurisdiction of any suit, action or
proceeding by the trustee on behalf of such bondholders or noteholders.
The venue of any such suit, action or proceeding shall be laid in the
county of Albany.