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The Florida Statutes

The 2004 Florida Statutes

Title XIX
PUBLIC BUSINESS
Chapter 288
COMMERCIAL DEVELOPMENT AND CAPITAL IMPROVEMENTS
View Entire Chapter
Section 288.1234, Florida Statutes 2004

288.1234  Guarantee of state obligations; Olympic Games Guaranty Account.--

(1)  There is created, within the Economic Development Trust Fund established pursuant to s. 288.095, the Olympic Games Guaranty Account. The Olympic Games Guaranty Account shall be used for the sole purpose of fulfilling the state's obligations under a games-support contract to indemnify and insure against any net financial deficit resulting from the conduct of the games. The direct-support organization authorized under s. 288.1229 shall be responsible for administration of the Olympic Games Guaranty Account.

(2)  With funds from the Olympic Games Guaranty Account, the direct-support organization authorized under s. 288.1229 shall obtain adequate security, acceptable to the United States Olympic Committee and the International Olympic Committee, to demonstrate the state's ability to fulfill its obligations under the games-support contracts to indemnify and insure up to $175 million of any net financial deficit resulting from the conduct of the games. Such security may be provided by state funds committed to the Olympic Games Guaranty Account, or by insurance coverage, letters of credit, or other acceptable security instruments purchased or secured by such funds, or by any combination of these options. In no event may the liability of the state under all games-support contracts entered into pursuant to this act exceed $175 million in the aggregate.

(3)  By July 1, 2001, the local organizing committee shall provide adequate security, acceptable to the direct-support organization authorized under s. 288.1229 to demonstrate the local organizing committee's ability to indemnify and insure the first $25 million of any net financial deficit resulting from the conduct of the games for which the state would be liable under the games-support contracts. Such security may be provided through the establishment of an internal guaranty fund, insurance coverage, letters of credit, or other acceptable security instruments, or by any combination of these options. Any such security will identify the state as an additional insured. If adequate proof of security is not provided as part of the bid and maintained throughout the course of the games, the Olympic Games Guaranty Account shall be terminated.

(4)  Under this act, the state shall be a payor of last resort with regard to any net financial deficit. The direct-support organization authorized under s. 288.1229 may not permit the security provided by the state pursuant to this act to be accessed to cover any net financial deficit indemnified by the state under the games support contracts 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 all 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)  Contribution has been sought, where practical and feasible, from all persons who bear any legal responsibility for the net financial deficit or for any expense or liability used in determining the net financial deficit.

(5)  The State of Florida may choose to fund the Olympic Games Guaranty Account in any manner it considers appropriate.

(6)  No additional state funds shall be deposited into the Olympic Games Guaranty Account once the direct-support organization authorized under s. 288.1229 determines that the account has achieved, or is reasonably expected to accrue, a sufficient balance to provide adequate security, acceptable to the United States Olympic Committee and the International Olympic Committee, to demonstrate the state's ability to fulfill its obligations under the games-support contracts to indemnify and insure up to $175 million of any net financial deficit resulting from the conduct of the games.

(7)  Moneys in the Olympic Games Guaranty Account shall not be subject to the provisions of s. 216.301(1)(a). Any funds maintained in the Olympic Games Guaranty Account shall be assigned to the State Board of Administration for investment.

(8)  If the candidate city is selected by the International Olympic Committee as the host city for the games, the Olympic Games Guaranty Account shall be terminated upon the determination by the direct-support organization authorized under s. 288.1229 that the state's obligations under the games-support contracts to indemnify and insure against any net financial deficit resulting from the conduct of the games are concluded. If the candidate city is not selected by the United States Olympic Committee as the United States candidate city to host the games, or if the candidate city is not selected by the International Olympic Committee as the host city for the games, the Olympic Games Guaranty Account shall be immediately terminated.

(9)  Upon the termination of the Olympic Games Guaranty Account, all sums earmarked or transferred to the Olympic Games Guaranty Account from the Working Capital Fund shall immediately revert to the Working Capital Fund and shall be free for other uses, and all sums appropriated to the Olympic Games Guaranty Account from the General Revenue Fund, and any investment earnings retained in the Olympic Games Guaranty Account, shall immediately revert to the General Revenue Fund and be available for appropriation.

History.--s. 4, ch. 2000-148.

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