Section 341. Statement of legislative intent

It  is the intent of the
  legislature to provide the necessary assurances and commitments required
  by the United States olympic committee  and  the  international  olympic
  committee  in selecting a host city or municipality for the two thousand
  twelve olympic games. The selection of locations in New  York  state  to
  host  the olympic games will confer significant benefits to the state as
  a whole and the host municipality through  increased  tourism,  economic
  growth,  job  creation  and  capital  improvements.  In  addition, it is
  projected that the hosting city and  state  will  receive  substantially
  increased  sales  and  other  tax  revenues  as  a direct consequence of
  hosting  the  games.  Such   additional   revenues   are   expected   to
  significantly exceed any potential liability of the municipality and the
  state  associated with this act. Contracts entered into by the state and
  funds appropriated in accordance with this act shall  be  used  for  the
  sole  purpose  of  fulfilling  the  joint  obligation  of  the endorsing
  municipality and  the  state  required  by  the  United  States  olympic
  committee  or  the international olympic committee under a games support
  contract or any other agreement to indemnify and insure against any  net
  financial  deficit  resulting from the conduct of the games. In no event
  shall the combined liability of a host municipality and state exceed two
  hundred fifty million dollars. It is also the intent of the  legislature
  to  support future summer and winter olympics bids by municipalities and
  the state.