New Jersey § 32:13a-15

§ 32:13a-15.

Any holder of any of such bonds, or any of the coupons attached thereto, and the trustee,

if any, except to the extent the rights herein given may be restricted by resolution

passed before the issuance of the bonds or by the trust indenture, may, by an action,

proceeding in lieu of prerogative writ, or other proceeding, protect, and enforce

any and all rights granted hereunder or under such resolution or trust indenture,

and may enforce and compel performance of all duties required by this chapter, or

by such resolution or trust indenture, to be performed by the county or by the commission,

or any officer thereof, including the fixing, charging, and collecting of tolls for

the use of the tunnel. The rights and remedies herein conferred upon or granted to the bondholders shall

be in addition to and not in limitation of any rights and remedies lawfully granted

to such bondholders by the resolution or resolutions providing for the issuance of

the bonds, or by any trust indenture securing such bonds. If the bonds shall not be secured by a trust indenture, the holder or holders of

twenty-five per centum (25%) or more in principal amount of such bonds at the time

outstanding may by instrument or instruments filed in the office of the county clerk

of Gloucester county, and proved or acknowledged in the same manner as a deed to be

recorded, appoint a trustee to represent the holders of such bonds. If such appointed trustee, if any, or the trustee under any trust indenture securing

the bonds or if either such trustee shall fail or refuse to take action to enforce

any of the remedies provided for herein or in such resolution or such trust indenture,

after written request by the holder or holders of fifteen per centum (15%) or more

in the principal amount of such bonds at the time outstanding and after tender of

reasonable security or indemnification to such trustee, any holder of any such bonds

may, except to the extent the rights herein given may be restricted by resolution

passed before the issuance of the bonds or by the trust indenture, as the case may

be, by an action, proceeding in lieu of prerogative writ, or other proceeding, protect

and enforce any and all rights granted herein or in such resolution or trust indenture,

as the case may be, and may enforce and compel performance of all duties required

by this act, or by such resolution or trust indenture to be performed by the county

or by the commission, or by any officer thereof, including the fixing, charging and

collecting of tolls for the use of the tunnel. In the event that the county or the commission shall default in the payment of the

principal or the interest on any of the bonds as the same may become due, whether

at maturity or upon call for redemption or in the event that the county or the commission

or the officers, agents or employees of the county or of the commission shall fail

or refuse to comply with the provisions of this act or shall default in the performance

of any covenant, condition, agreement or provision contained in the bonds or in the

resolution or trust indenture or in the event that the commission shall contract with

a public authority in Pennsylvania relating to the construction, operation or maintenance

of the tunnel as hereinabove provided and either the commission or such public authority

shall default in the performance of any covenant, condition, agreement or provision

contained in such contract, the trustee appointed as hereinabove provided for by the

holders of the bonds not secured by a trust indenture, or the trustee under the trust

indenture, if any, or, if either such trustee shall fail or refuse to take action

to enforce any of the remedies provided for herein or in such resolution or such trust

indenture after written request by the holder or holders of twenty-five per centum

(25%) or more of principal amount of such bonds at the time outstanding and after

tender of reasonable security or indemnification to such trustee, any holder of any

such bonds shall, subject to the provisions of such resolution or trust indenture,

have the right to apply in any appropriate judicial proceedings to any court of competent

jurisdiction for an appointment of a receiver of the tunnel, whether or not the bonds

of any of them have become or have been declared due and payable and whether or not

such holder or trustee is seeking to enforce any other right or to exercise any remedy

in connection with such bonds. Upon such application the court may appoint a receiver of the tunnel. The receiver so appointed shall have and be entitled to exercise all the rights

and powers of the commission or such public authority with respect to the tunnel and

shall have and be entitled to exercise all the appropriate rights and powers of a

receiver, including, but without limitation, the right and power forthwith, directly

or by its agents and attorneys, to enter into and upon and take possession of the

tunnel and its facilities and each and every part thereof and to have, hold, use,

operate, manage and control the tunnel and its facilities and each and every part

thereof and receive, collect and disburse the revenues thereof in the name of the

commission or otherwise as the receiver may deem best. Whenever all defaults shall have been remedied, the court may in its discretion, and

after such notice and hearing as it deems reasonable and proper, direct the receiver

to surrender possession of the tunnel to the parties entitled thereto. The same rights to secure the appointment of a receiver shall exist upon any subsequent

default as hereinabove provided. Notwithstanding anything in this section to the contrary, such receiver shall have

no power to sell, assign, mortgage or otherwise dispose of any assets of whatever

kind or character constituting the tunnel or any part thereof or necessary for use

in connection therewith, but the authority of any such receiver shall be limited to

the operation and maintenance of the tunnel and no court shall have jurisdiction to

enter any order or judgment requiring or permitting such receiver to sell, mortgage

or otherwise dispose of any such assets.