N.Y. State Finance Law § 84-a: Olympic games guaranty fund

§ 84-a. Olympic games guaranty fund. 1. There is hereby established in

the joint custody of the state comptroller and the commissioner of

taxation and finance a special fund to be known as the "olympic games

guaranty fund".

2. The definitions of words and terms contained in section three

hundred forty-two of the economic development law shall apply to this

section as if fully set forth in this section.

3. The endorsing municipality and state may each choose to fund the

olympic games guaranty fund in any manner each entity considers

appropriate and at such time or times the state determines necessary.

The guaranty fund shall be funded in proportions as agreed to by the

state and endorsing municipality.

4. The funds in the guaranty fund may be used for the sole purpose of

fulfilling the joint obligations of the state and endorsing municipality

under a games support contract to provide adequate security as described

in section three hundred forty-three of the economic development law.

5. No additional state funds shall be deposited into the olympic games

guaranty fund once the division of budget determines that the account

has achieved, or is reasonably expected to accrue, a sufficient balance

to provide 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, or any other agreement, to indemnify and

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

deficit resulting from the conduct of the games.

6. If an endorsing municipality is selected by the international

olympic committee as the host for the olympic games, the olympic games

guaranty fund shall be established and maintained until a determination

by the division of budget is made that the state's and endorsing

municipality's obligations under a games support contract, or any other

agreement, to indemnify and insure against any net financial deficit

resulting from the conduct of the olympic games are satisfied and

concluded, at which time the guaranty fund shall be terminated. If a

municipality in New York state is not selected by the United States

olympic committee as the United States candidate city to host an olympic

games, or if such city is not selected by the international olympic

committee as the host city for the games, the olympic games guaranty

fund shall be immediately terminated.

7. Upon the termination of the olympic games guaranty fund, all sums

earmarked, transferred or contained in such fund, along with any

investment earnings retained in such fund, shall immediately revert as

follows:

(a) If no funds have been expended, the monies shall be returned to

the state's general fund support account and endorsing municipality in

proportion to each entity's contribution;

(b) If some portion of the funds have been expended, the remaining

funds shall be returned to the state and endorsing municipality in

proportion to each entity's contribution.