§ 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.