N.Y. Economic Development Law Law 344 – Payor of last resort
§ 344. Payor of last resort. The state and endorsing municipality shall be payors of last resort with regard to any net financial deficit as defined in this act. The security provided pursuant to this act may not be accessed to cover any net financial deficit indemnified by the state and endorsing municipality under the games support contract until:
Terms Used In N.Y. Economic Development Law Law 344
- Contract: A legal written agreement that becomes binding when signed.
- 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
- 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
- State: shall mean the state of New York. See N.Y. Economic Development Law Law 342
(a) The security provided by the local organizing committee pursuant to this act is fully expended and exhausted;
(b) Any security provided by any other person or entity is fully expended and exhausted;
(c) The limits of available insurance policies covering the net financial deficit or any expense or liability used in determining the net financial deficit, have been fully expended and exhausted; and
(d) Payment has been sought by the local organizing committee from all third parties owing monies or otherwise liable to the local organizing committee.