Section 343. Use and amount of funds

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.