N.Y. Economic Development Law § 343: Use and amount of funds

§ 343. Use and amount of funds. Any monies deposited, transferred or

otherwise contained in the olympic games guaranty fund established in

section eighty-four-a of the state finance law shall be used for the

sole purpose of obtaining adequate security, acceptable to the United

States olympic committee and the international olympic committee, to

demonstrate the endorsing municipality and state's ability to fulfill

its obligations under a games support contract to indemnify and insure

up to two hundred fifty million dollars of any net financial deficit

resulting from the conduct of the olympic games. Such security may be

provided by funds contained in the guaranty fund as provided in this

act, or by insurance coverage, letters of credit, or other acceptable

secured instruments purchased or secured by such funds, or by any

combination thereof. In no event may the combined liability of the

endorsing municipality and the state under all games support contracts,

or any other agreement related to the conduct of the games, exceed two

hundred fifty million dollars in the aggregate.