N.Y. Economic Development Law § 344: Payor of last resort

§ 344. Payor of last resort. The state and endorsing municipality

shall be payors of last resort with regard to any net financial deficit

as defined in this act. The security provided pursuant to this act may

not be accessed to cover any net financial deficit indemnified by the

state and endorsing municipality under the games support contract until:

(a) The security provided by the local organizing committee pursuant

to this act is fully expended and exhausted;

(b) Any security provided by any other person or entity is fully

expended and exhausted;

(c) The limits of available insurance policies covering the net

financial deficit or any expense or liability used in determining the

net financial deficit, have been fully expended and exhausted; and

(d) Payment has been sought by the local organizing committee from all

third parties owing monies or otherwise liable to the local organizing

committee.