2023 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.