§ 84-a. Olympic games guaranty fund. 1. There is hereby established in the joint custody of the state comptroller and the commissioner of taxation and finance a special fund to be known as the "olympic games guaranty fund". 2. The definitions of words and terms contained in section three hundred forty-two of the economic development law shall apply to this section as if fully set forth in this section. 3. The endorsing municipality and state may each choose to fund the olympic games guaranty fund in any manner each entity considers appropriate and at such time or times the state determines necessary. The guaranty fund shall be funded in proportions as agreed to by the state and endorsing municipality. 4. The funds in the guaranty fund may be used for the sole purpose of fulfilling the joint obligations of the state and endorsing municipality under a games support contract to provide adequate security as described in section three hundred forty-three of the economic development law. 5. No additional state funds shall be deposited into the olympic games guaranty fund once the division of budget 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 endorsing municipality and state's ability to fulfill its obligations under a games support contract, or any other agreement, to indemnify and insure up to two hundred fifty million dollars of any net financial deficit resulting from the conduct of the games. 6. If an endorsing municipality is selected by the international olympic committee as the host for the olympic games, the olympic games guaranty fund shall be established and maintained until a determination by the division of budget is made that the state's and endorsing municipality's obligations under a games support contract, or any other agreement, to indemnify and insure against any net financial deficit resulting from the conduct of the olympic games are satisfied and concluded, at which time the guaranty fund shall be terminated. If a municipality in New York state is not selected by the United States olympic committee as the United States candidate city to host an olympic games, or if such city is not selected by the international olympic committee as the host city for the games, the olympic games guaranty fund shall be immediately terminated. 7. Upon the termination of the olympic games guaranty fund, all sums earmarked, transferred or contained in such fund, along with any investment earnings retained in such fund, shall immediately revert as follows:

(a) If no funds have been expended, the monies shall be returned to the state's general fund support account and endorsing municipality in proportion to each entity's contribution;

(b) If some portion of the funds have been expended, the remaining funds shall be returned to the state and endorsing municipality in proportion to each entity's contribution.