N.Y. COM Law § 341

§ 341. Statement of legislative intent. It is the intent of the\nlegislature to provide the necessary assurances and commitments required\nby the United States olympic committee and the international olympic\ncommittee in selecting a host city or municipality for the two thousand\ntwelve olympic games. The selection of locations in New York state to\nhost the olympic games will confer significant benefits to the state as\na whole and the host municipality through increased tourism, economic\ngrowth, job creation and capital improvements. In addition, it is\nprojected that the hosting city and state will receive substantially\nincreased sales and other tax revenues as a direct consequence of\nhosting the games. Such additional revenues are expected to\nsignificantly exceed any potential liability of the municipality and the\nstate associated with this act. Contracts entered into by the state and\nfunds appropriated in accordance with this act shall be used for the\nsole purpose of fulfilling the joint obligation of the endorsing\nmunicipality and the state required by the United States olympic\ncommittee or the international olympic committee under a games support\ncontract or any other agreement to indemnify and insure against any net\nfinancial deficit resulting from the conduct of the games. In no event\nshall the combined liability of a host municipality and state exceed two\nhundred fifty million dollars. It is also the intent of the legislature\nto support future summer and winter olympics bids by municipalities and\nthe state.\n