There is a newer version of the New York Laws
2022
2021 (you are here)
2020
2019
2018
Other previous versions
View our newest version here

2021 New York Laws
COM - Economic Development Law
Article 16 - Olympic Games Facilitation Act
345 - Execution of Contracts.

Universal Citation: NY Econ Dev L § 345 (2021)
Previous Next 
§  345.  Execution  of  contracts.  (a) The secretary of state, or his
designee, on behalf of the state, and  the  endorsing  municipality  may
execute  a  games  support contract that is required by a site selection
organization in connection with the committee's bid to host  an  olympic
games.
  (b)  The  local  organizing  committee  shall  provide any information
reasonably requested by the state, with copies to the  leaders  of  both
houses  of  the legislature, and/or the endorsing municipality to assist
in reviewing the games support contract.
  (c) The secretary of state, or his designee, on behalf of  the  state,
and  the  endorsing municipality, may agree in a games support contract,
that the state and endorsing municipality will fulfill their obligations
under a games support contract to indemnify and insure against  any  net
financial deficit resulting from the conduct of the games.
  (d)  With  respect  to  the  olympic  games,  (1)  any  liability, any
potential liability and financial commitments or liability of the  state
and  endorsing  municipality  will  not exceed two hundred fifty million
dollars in the aggregate;
  (2)  any  financial  commitments  of  the  state  will  be   satisfied
exclusively by recourse of the olympic games guaranty fund in accordance
with section eighty-four-a of the state finance law;
  (3)  notwithstanding  any  other  provision  of this act, no agreement
entered into pursuant to this act may obligate the state to pay any part
of the cost of acquiring any interest in real or personal  property,  or
the cost of planning, designing, or constructing any improvement to real
or personal property, or otherwise financially obligate the state, other
than the guaranty specifically provided for in this act.
Previous Next
Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.