Section 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.