§ 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.