N.Y. COM Law § 344

§ 344. Payor of last resort. The state and endorsing municipality\nshall be payors of last resort with regard to any net financial deficit\nas defined in this act. The security provided pursuant to this act may\nnot be accessed to cover any net financial deficit indemnified by the\nstate and endorsing municipality under the games support contract until:\n (a) The security provided by the local organizing committee pursuant\nto this act is fully expended and exhausted;\n (b) Any security provided by any other person or entity is fully\nexpended and exhausted;\n (c) The limits of available insurance policies covering the net\nfinancial deficit or any expense or liability used in determining the\nnet financial deficit, have been fully expended and exhausted; and\n (d) Payment has been sought by the local organizing committee from all\nthird parties owing monies or otherwise liable to the local organizing\ncommittee.\n