Section 345. Execution of contracts

(a) The secretary of state, or his
  designee, on behalf of the state, and  the  endorsing  municipality  may
  execute  a  games  support contract that is required by a site selection
  organization in connection with the committee's bid to host  an  olympic
  games.
    (b)  The  local  organizing  committee  shall  provide any information
  reasonably requested by the state, with copies to the  leaders  of  both
  houses  of  the legislature, and/or the endorsing municipality to assist
  in reviewing the games support contract.
    (c) The secretary of state, or his designee, on behalf of  the  state,
  and  the  endorsing municipality, may agree in a games support contract,
  that the state and endorsing municipality will fulfill their obligations
  under a games support contract to indemnify and insure against  any  net
  financial deficit resulting from the conduct of the games.
    (d)  With  respect  to  the  olympic  games,  (1)  any  liability, any
  potential liability and financial commitments or liability of the  state
  and  endorsing  municipality  will  not exceed two hundred fifty million
  dollars in the aggregate;
    (2)  any  financial  commitments  of  the  state  will  be   satisfied
  exclusively by recourse of the olympic games guaranty fund in accordance
  with section eighty-four-a of the state finance law;
    (3)  notwithstanding  any  other  provision  of this act, no agreement
  entered into pursuant to this act may obligate the state to pay any part
  of the cost of acquiring any interest in real or personal  property,  or
  the cost of planning, designing, or constructing any improvement to real
  or personal property, or otherwise financially obligate the state, other
  than the guaranty specifically provided for in this act.