N.Y. Economic Development Law § 348: Local organizing committee; responsibilities

§ 348. Local organizing committee; responsibilities. (a) The local

organizing committee may not engage in any conduct that reflects

unfavorably upon this state, the endorsing municipality, or the olympic

games, or that is contrary to law or to the rules and regulations of the

United States olympic committee and the international olympic committee.

(b) By December first, two thousand five the local organizing

committee shall use its reasonable best efforts to provide adequate

security, acceptable to the state to demonstrate the local organizing

committee's ability to indemnify and insure the first twenty-five

million dollars of any net financial deficit resulting from the conduct

of the games for which the endorsing municipality and state would be

liable under a games support contract. Such security may be provided

through the establishment of an internal guaranty fund, insurance

coverage, letters of credit, or other acceptable security instruments,

or by any combination thereof. Any such security shall identify the

endorsing municipality and the state as additional insureds.