N.Y. Economic Development Law Law 345 – Execution of contracts
§ 345. Execution of contracts. (a) The secretary of state, or his designee, on behalf of the state, and the endorsing municipality may execute a games support contract that is required by a site selection organization in connection with the committee's bid to host an olympic games.
Terms Used In N.Y. Economic Development Law Law 345
- 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
- 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
- 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
- Olympic games: shall mean the two thousand twelve olympic games. See N.Y. Economic Development Law Law 342
- Personal property: All property that is not real property.
- 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
- 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
(b) The local organizing committee shall provide any information reasonably requested by the state, with copies to the leaders of both houses of the legislature, and/or the endorsing municipality to assist in reviewing the games support contract.
(c) The secretary of state, or his designee, on behalf of the state, and the endorsing municipality, may agree in a games support contract, that the state and endorsing municipality will fulfill their obligations under a games support contract to indemnify and insure against any net financial deficit resulting from the conduct of the games.
(d) With respect to the olympic games, (1) any liability, any potential liability and financial commitments or liability of the state and endorsing municipality will not exceed two hundred fifty million dollars in the aggregate;
(2) any financial commitments of the state will be satisfied exclusively by recourse of the olympic games guaranty fund in accordance with § 84-a of the state finance law;
(3) notwithstanding any other provision of this act, no agreement entered into pursuant to this act may obligate the state to pay any part of the cost of acquiring any interest in real or personal property, or the cost of planning, designing, or constructing any improvement to real or personal property, or otherwise financially obligate the state, other than the guaranty specifically provided for in this act.