New York Laws
Title 33 - New York City Transitional Finance Authority
2799-OO - Remedies of Bondholders.

(a) by action or proceeding in accordance with the civil practice law
and rules, enforce all rights of the bondholders and 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 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, annul
such declaration and its consequences.
3. Such trustee shall, in addition to the provisions of subdivisions
one and two of this section, have and possess all of the powers
necessary or appropriate for the exercise of any functions specifically
set forth in this section 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 New York.
5. Before declaring the principal of bonds due and payable, the
trustee shall first give thirty days' notice in writing to the
authority.