N.Y. STF Law § 84-A — New York Code / Act STF / Article 6 / Section 84-A
Olympic games guaranty fund
Status: in_force

§ 84-a. Olympic games guaranty fund. 1. There is hereby established in\nthe joint custody of the state comptroller and the commissioner of\ntaxation and finance a special fund to be known as the "olympic games\nguaranty fund".\n  2. The definitions of words and terms contained in section three\nhundred forty-two of the economic development law shall apply to this\nsection as if fully set forth in this section.\n  3. The endorsing municipality and state may each choose to fund the\nolympic games guaranty fund in any manner each entity considers\nappropriate and at such time or times the state determines necessary.\nThe guaranty fund shall be funded in proportions as agreed to by the\nstate and endorsing municipality.\n  4. The funds in the guaranty fund may be used for the sole purpose of\nfulfilling the joint obligations of the state and endorsing municipality\nunder a games support contract to provide adequate security as described\nin section three hundred forty-three of the economic development law.\n  5. No additional state funds shall be deposited into the olympic games\nguaranty fund once the division of budget determines that the account\nhas achieved, or is reasonably expected to accrue, a sufficient balance\nto provide adequate security, acceptable to the United States olympic\ncommittee and the international olympic committee, to demonstrate the\nendorsing municipality and state's ability to fulfill its obligations\nunder a games support contract, or any other agreement, to indemnify and\ninsure up to two hundred fifty million dollars of any net financial\ndeficit resulting from the conduct of the games.\n  6. If an endorsing municipality is selected by the international\nolympic committee as the host for the olympic games, the olympic games\nguaranty fund shall be established and maintained until a determination\nby the division of budget is made that the state's and endorsing\nmunicipality's obligations under a games support contract, or any other\nagreement, to indemnify and insure against any net financial deficit\nresulting from the conduct of the olympic games are satisfied and\nconcluded, at which time the guaranty fund shall be terminated. If a\nmunicipality in New York state is not selected by the United States\nolympic committee as the United States candidate city to host an olympic\ngames, or if such city is not selected by the international olympic\ncommittee as the host city for the games, the olympic games guaranty\nfund shall be immediately terminated.\n  7. Upon the termination of the olympic games guaranty fund, all sums\nearmarked, transferred or contained in such fund, along with any\ninvestment earnings retained in such fund, shall immediately revert as\nfollows:\n  (a) If no funds have been expended, the monies shall be returned to\nthe state's general fund support account and endorsing municipality in\nproportion to each entity's contribution;\n  (b) If some portion of the funds have been expended, the remaining\nfunds shall be returned to the state and endorsing municipality in\nproportion to each entity's contribution.\n