§ 341. Statement of legislative intent. It is the intent of the
legislature to provide the necessary assurances and commitments required
by the United States olympic committee and the international olympic
committee in selecting a host city or municipality for the two thousand
twelve olympic games. The selection of locations in New York state to
host the olympic games will confer significant benefits to the state as
a whole and the host municipality through increased tourism, economic
growth, job creation and capital improvements. In addition, it is
projected that the hosting city and state will receive substantially
increased sales and other tax revenues as a direct consequence of
hosting the games. Such additional revenues are expected to
significantly exceed any potential liability of the municipality and the
state associated with this act. Contracts entered into by the state and
funds appropriated in accordance with this act shall be used for the
sole purpose of fulfilling the joint obligation of the endorsing
municipality and the state required by the United States olympic
committee or the international olympic committee under a games support
contract or any other agreement to indemnify and insure against any net
financial deficit resulting from the conduct of the games. In no event
shall the combined liability of a host municipality and state exceed two
hundred fifty million dollars. It is also the intent of the legislature
to support future summer and winter olympics bids by municipalities and
the state.