§ 2490-j. Remedies of bondholders. Subject to any resolution or
resolutions adopted pursuant to paragraph (j) of subdivision three of
section twenty-four hundred ninety-i of this title. 1. In the event that
the authority shall default in the payment of 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 county of Saratoga 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 per centum in principal amount of such bonds 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 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 per
centum of the principal amount of such bonds then outstanding, to 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.

5. Before declaring the principal of bonds due and payable, the
trustee shall first give thirty days notice in writing to the authority.

6. 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
holders of such bonds shall take possession of all moneys and other
property derived from such part or parts of the project 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 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 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 project.

7. The 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.