N.Y. Economic Development Law § 345: Execution of contracts

§ 345. Execution of contracts. (a) The secretary of state, or his

designee, on behalf of the state, and the endorsing municipality may

execute a games support contract that is required by a site selection

organization in connection with the committee's bid to host an olympic

games.

(b) The local organizing committee shall provide any information

reasonably requested by the state, with copies to the leaders of both

houses of the legislature, and/or the endorsing municipality to assist

in reviewing the games support contract.

(c) The secretary of state, or his designee, on behalf of the state,

and the endorsing municipality, may agree in a games support contract,

that the state and endorsing municipality will fulfill their obligations

under a games support contract to indemnify and insure against any net

financial deficit resulting from the conduct of the games.

(d) With respect to the olympic games, (1) any liability, any

potential liability and financial commitments or liability of the state

and endorsing municipality will not exceed two hundred fifty million

dollars in the aggregate;

(2) any financial commitments of the state will be satisfied

exclusively by recourse of the olympic games guaranty fund in accordance

with section eighty-four-a of the state finance law;

(3) notwithstanding any other provision of this act, no agreement

entered into pursuant to this act may obligate the state to pay any part

of the cost of acquiring any interest in real or personal property, or

the cost of planning, designing, or constructing any improvement to real

or personal property, or otherwise financially obligate the state, other

than the guaranty specifically provided for in this act.