N.Y. Econ. Dev. Law § 343
Any monies deposited, transferred or otherwise contained in the olympic games guaranty fund established in section eighty-four-a of the state finance law shall be used for the sole purpose of obtaining adequate security, acceptable to the United States olympic committee and the international olympic committee, to demonstrate the endorsing municipality and state's ability to fulfill its obligations under a games support contract to indemnify and insure up to two hundred fifty million dollars of any net financial deficit resulting from the conduct of the olympic games. Such security may be provided by funds contained in the guaranty fund as provided in this act, or by insurance coverage, letters of credit, or other acceptable secured instruments purchased or secured by such funds, or by any combination thereof. In no event may the combined liability of the endorsing municipality and the state under all games support contracts, or any other agreement related to the conduct of the games, exceed two hundred fifty million dollars in the aggregate.
N.Y. Economic Development Law § 343