N.Y. Economic Development Law Section 342
Definitions


As used in this article, the following words and terms shall have the following meanings:

(a)

“Comptroller” shall mean the state comptroller.

(b)

“Division of budget” shall mean the state of New York division of budget.

(c)

“Endorsing municipality” shall mean a municipality or municipalities within the state of New York that authorizes a bid by a local organizing committee for selection of such municipality or municipalities as the site of an olympic games.

(d)

“Games support contract” shall mean a joinder undertaking, a joinder agreement, and/or a similar contract executed by the state, an endorsing municipality and a site selection organization in connection with the selection of a municipality to host the games, and containing terms authorized or required by this section.

(e)

“Guaranty fund” shall mean the olympic games guaranty fund established in State Finance Law § 84-A (Olympic games guaranty fund)section eighty-four-a of the state finance law.

(f)

“Joinder agreement” shall mean an agreement entered into by the state, an endorsing municipality and a site selection organization setting out representations and assurances by the state and endorsing municipality in connection with the selection of a site in the endorsing municipality for the location of the olympic games.

(g)

“Joinder undertaking” shall mean an agreement entered into by the state, an endorsing municipality and a site selection organization that the state and endorsing municipality will execute a joinder agreement in the event that the site selection organization selects a site in the endorsing municipality for an olympic games.

(h)

“Local organizing committee” shall mean a not-for-profit corporation or its successor in interest that:

(1)

has been authorized by an endorsing municipality to pursue an application and bid on the endorsing municipality’s behalf to a site selection organization for selection as the site of an olympic games; or

(2)

with the authorization of an endorsing municipality, has executed an agreement with a site selection organization regarding a bid to host the olympic games.

(i)

“Net financial deficit” shall mean those losses resulting from the conduct of the games which the endorsing municipality and state are obligated to indemnify and insure against pursuant to a games support contract. Expenses or liabilities arising from cancellation of the games or any part thereof due to any cause beyond the local organizing committee’s reasonable control, including, but not limited to acts of war, riots and other civil disturbances, acts of God, including, but not limited to flood, fire, weather, and earthquakes, shall not be included in calculating the net financial deficit.

(j)

“State” shall mean the state of New York.

(k)

“Olympic games” shall mean the two thousand twelve olympic games.

(l)

“Site selection organization” shall mean the United States olympic committee or the international olympic committee.

(m)

“United States olympic committee” shall mean the official national olympic committee of the United States of America which has been authorized by law to govern all matters relating to national participation in the olympic games.

Source: Section 342 — Definitions, https://www.­nysenate.­gov/legislation/laws/COM/342 (updated Sep. 22, 2014; accessed Jun. 15, 2024).

Accessed:
Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 342’s source at nysenate​.gov

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