N.Y. Economic Development Law Law 348 – Local organizing committee; responsibilities
§ 348. Local organizing committee; responsibilities. (a) The local organizing committee may not engage in any conduct that reflects unfavorably upon this state, the endorsing municipality, or the olympic games, or that is contrary to law or to the rules and regulations of the United States olympic committee and the international olympic committee.
Terms Used In N.Y. Economic Development Law Law 348
- 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
- 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
- State: shall mean the state of New York. See N.Y. Economic Development Law Law 342
- 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
(b) By December first, two thousand five the local organizing committee shall use its reasonable best efforts to provide adequate security, acceptable to the state to demonstrate the local organizing committee's ability to indemnify and insure the first twenty-five million dollars of any net financial deficit resulting from the conduct of the games for which the endorsing municipality and state would be liable under a games support contract. Such security may be provided through the establishment of an internal guaranty fund, insurance coverage, letters of credit, or other acceptable security instruments, or by any combination thereof. Any such security shall identify the endorsing municipality and the state as additional insureds.