N.Y. Economic Development Law § 343

§ 343. Use and amount of funds. Any monies deposited, transferred or\notherwise contained in the olympic games guaranty fund established in\nsection eighty-four-a of the state finance law shall be used for the\nsole purpose of obtaining adequate security, acceptable to the United\nStates olympic committee and the international olympic committee, to\ndemonstrate the endorsing municipality and state's ability to fulfill\nits obligations under a games support contract to indemnify and insure\nup to two hundred fifty million dollars of any net financial deficit\nresulting from the conduct of the olympic games. Such security may be\nprovided by funds contained in the guaranty fund as provided in this\nact, or by insurance coverage, letters of credit, or other acceptable\nsecured instruments purchased or secured by such funds, or by any\ncombination thereof. In no event may the combined liability of the\nendorsing municipality and the state under all games support contracts,\nor any other agreement related to the conduct of the games, exceed two\nhundred fifty million dollars in the aggregate.\n