Economic Development Law Section 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 State Finance Law § 84-A (Olympic games guaranty fund)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.
Section 345 — Execution of contracts,
https://www.nysenate.gov/legislation/laws/COM/345 (updated Sep. 22, 2014; accessed Nov. 25, 2023).