Terms Used In New York Laws > Economic Development Law > Article 16 - Olympic Games Facilitation Act

• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• Comptroller: shall mean the state comptroller. See N.Y. Economic Development Law Law 342
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Division of budget: shall mean the state of New York division of budget. See N.Y. Economic Development Law Law 342
• Endorsing municipality: shall mean a municipality or municipalities within the state of New York that authorizes a bid by a local organizing committee for selection of such municipality or municipalities as the site of an olympic games. See N.Y. Economic Development Law Law 342
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Games support contract: shall mean a joinder undertaking, a joinder agreement, and/or a similar contract executed by the state, an endorsing municipality and a site selection organization in connection with the selection of a municipality to host the games, and containing terms authorized or required by this section. See N.Y. Economic Development Law Law 342
• Guaranty fund: shall mean the olympic games guaranty fund established in § 84-a of the state finance law. See N.Y. Economic Development Law Law 342
• Joinder agreement: shall mean an agreement entered into by the state, an endorsing municipality and a site selection organization setting out representations and assurances by the state and endorsing municipality in connection with the selection of a site in the endorsing municipality for the location of the olympic games. See N.Y. Economic Development Law Law 342
• Joinder undertaking: shall mean an agreement entered into by the state, an endorsing municipality and a site selection organization that the state and endorsing municipality will execute a joinder agreement in the event that the site selection organization selects a site in the endorsing municipality for an olympic games. See N.Y. Economic Development Law Law 342
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Local organizing committee: shall mean a not-for-profit corporation or its successor in interest that: (1) has been authorized by an endorsing municipality to pursue an application and bid on the endorsing municipality's behalf to a site selection organization for selection as the site of an olympic games; or (2) with the authorization of an endorsing municipality, has executed an agreement with a site selection organization regarding a bid to host the olympic games. See N.Y. Economic Development Law Law 342
• Net financial deficit: shall mean those losses resulting from the conduct of the games which the endorsing municipality and state are obligated to indemnify and insure against pursuant to a games support contract. See N.Y. Economic Development Law Law 342
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Olympic games: shall mean the two thousand twelve olympic games. See N.Y. Economic Development Law Law 342
• Person: means any individual, firm, co-partnership, association or corporation other than the state and a "public corporation. See N.Y. Environmental Conservation Law 15-0107
• Personal property: All property that is not real property.
• Public corporation: means "public corporation" as defined in subdivision one of § 3 of the General Corporation Law and includes all public authorities, except the Power Authority of the State of New York. See N.Y. Environmental Conservation Law 15-0107
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Site selection organization: shall mean the United States olympic committee or the international olympic committee. See N.Y. Economic Development Law Law 342
• State: shall mean the state of New York. See N.Y. Economic Development Law Law 342
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• United States olympic committee: shall mean the official national olympic committee of the United States of America which has been authorized by law to govern all matters relating to national participation in the olympic games. See N.Y. Economic Development Law Law 342
• Waters: shall be construed to include lakes, bays, sounds, ponds, impounding reservoirs, springs, wells, rivers, streams, creeks, estuaries, marshes, inlets, canals, the Atlantic ocean within the territorial limits of the state of New York, and all other bodies of surface or underground water, natural or artificial, inland or coastal, fresh or salt, public or private, which are wholly or partially within or bordering the state or within its jurisdiction. See N.Y. Environmental Conservation Law 15-0107