§ 345 — Execution of contracts

New York § 345

• Jurisdiction: New York
• Law COM: Economic Development Law
• Art. 16: Olympic Games Facilitation Act

Text

§ 345. Execution of contracts. (a) The secretary of state, or his\ndesignee, on behalf of the state, and the endorsing municipality may\nexecute a games support contract that is required by a site selection\norganization in connection with the committee's bid to host an olympic\ngames.\n (b) The local organizing committee shall provide any information\nreasonably requested by the state, with copies to the leaders of both\nhouses of the legislature, and/or the endorsing municipality to assist\nin reviewing the games support contract.\n (c) The secretary of state, or his designee, on behalf of the state,\nand the endorsing municipality, may agree in a games support contract,\nthat the state and endorsing municipality will fulfill their obligations\nunder a games support contract to indemnify and insure against any net\nfinancial deficit resulting from the conduct of the games.\n (d) With respect to the olympic games, (1) any liability, any\npotential liability and financial commitments or liability of the state\nand endorsing municipality will not exceed two hundred fifty million\ndollars in the aggregate;\n (2) any financial commitments of the state will be satisfied\nexclusively by recourse of the olympic games guaranty fund in accordance\nwith section eighty-four-a of the state finance law;\n (3) notwithstanding any other provision of this act, no agreement\nentered into pursuant to this act may obligate the state to pay any part\nof the cost of acquiring any interest in real or personal property, or\nthe cost of planning, designing, or constructing any improvement to real\nor personal property, or otherwise financially obligate the state, other\nthan the guaranty specifically provided for in this act.\n