§ 343. Use and amount of funds. Any monies deposited, transferred or
otherwise contained in the olympic games guaranty fund established in
section eighty-four-a of the state finance law shall be used for the
sole purpose of obtaining 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 to indemnify and insure
up to two hundred fifty million dollars of any net financial deficit
resulting from the conduct of the olympic games. Such security may be
provided by funds contained in the guaranty fund as provided in this
act, or by insurance coverage, letters of credit, or other acceptable
secured instruments purchased or secured by such funds, or by any
combination thereof. In no event may the combined liability of the
endorsing municipality and the state under all games support contracts,
or any other agreement related to the conduct of the games, exceed two
hundred fifty million dollars in the aggregate.