NY State Fin L § 84-A (2021)
2021 New York Laws STF - State Finance Article 6 - Funds of the State 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.