2006 New York Code - 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.