New York Laws
Title 2 - Buffalo Fiscal Stability Authority
3863 - Remedies of Bondholders.

§ 3863. Remedies of bondholders. Subject to any resolution or
resolutions adopted pursuant to paragraph (f) of subdivision six of
section thirty-eight hundred sixty-two 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, notes or other
obligations 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 shall default in any agreement made with the holders of
any issue of bonds, notes, or other obligations, the holders of at least
twenty-five per centum in aggregate principal amount of the bonds, notes
or other obligations of such issue then outstanding, by instrument or
instruments filed in the office of the clerk of the county 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 provided
in this section.

2. Such trustee may, and upon written request of the holders of at
least twenty-five per centum in principal amount of such bonds, notes or
other obligations outstanding shall, in his or 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 and require the authority
to carry out any other agreements with the holders of such bonds, notes
or other obligations and to perform its duties under this title; (b)
bring an action or proceeding upon such bonds, notes or other
obligations; (c) by action or proceeding, require the authority to
account as if it were the trustee of an express trust for the holder of
such bonds, notes or other obligations; and (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, notes or other obligations.

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 of the county shall have jurisdiction of any
action or proceeding by the trustee on behalf of such bondholders.