N.Y. Economic Development Law § 341: Statement of legislative intent

§ 341. Statement of legislative intent. It is the intent of the

legislature to provide the necessary assurances and commitments required

by the United States olympic committee and the international olympic

committee in selecting a host city or municipality for the two thousand

twelve olympic games. The selection of locations in New York state to

host the olympic games will confer significant benefits to the state as

a whole and the host municipality through increased tourism, economic

growth, job creation and capital improvements. In addition, it is

projected that the hosting city and state will receive substantially

increased sales and other tax revenues as a direct consequence of

hosting the games. Such additional revenues are expected to

significantly exceed any potential liability of the municipality and the

state associated with this act. Contracts entered into by the state and

funds appropriated in accordance with this act shall be used for the

sole purpose of fulfilling the joint obligation of the endorsing

municipality and the state required by the United States olympic

committee or the international olympic committee under a games support

contract or any other agreement to indemnify and insure against any net

financial deficit resulting from the conduct of the games. In no event

shall the combined liability of a host municipality and state exceed two

hundred fifty million dollars. It is also the intent of the legislature

to support future summer and winter olympics bids by municipalities and

the state.