N.Y. COM Law § 348

§ 348. Local organizing committee; responsibilities. (a) The local\norganizing committee may not engage in any conduct that reflects\nunfavorably upon this state, the endorsing municipality, or the olympic\ngames, or that is contrary to law or to the rules and regulations of the\nUnited States olympic committee and the international olympic committee.\n (b) By December first, two thousand five the local organizing\ncommittee shall use its reasonable best efforts to provide adequate\nsecurity, acceptable to the state to demonstrate the local organizing\ncommittee's ability to indemnify and insure the first twenty-five\nmillion dollars of any net financial deficit resulting from the conduct\nof the games for which the endorsing municipality and state would be\nliable under a games support contract. Such security may be provided\nthrough the establishment of an internal guaranty fund, insurance\ncoverage, letters of credit, or other acceptable security instruments,\nor by any combination thereof. Any such security shall identify the\nendorsing municipality and the state as additional insureds.\n