§ 344. Payor of last resort.
147 words·~1 min read·
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§ 344. Payor of last resort. The state and endorsing municipality
shall be payors of last resort with regard to any net financial deficit
as defined in this act. The security provided pursuant to this act may
not be accessed to cover any net financial deficit indemnified by the
state and endorsing municipality under the games support contract until:
(a)The security provided by the local organizing committee pursuant
to this act is fully expended and exhausted;
(b)Any security provided by any other person or entity is fully
expended and exhausted;
(c)The limits of available insurance policies covering the net
financial deficit or any expense or liability used in determining the
net financial deficit, have been fully expended and exhausted; and
(d)Payment has been sought by the local organizing committee from all
third parties owing monies or otherwise liable to the local organizing
committee.