Illinois Compiled Statutes 65 ILCS 120 2016 Olympic and Paralympic Games Act. Section 5-15

    (65 ILCS 120/5-15)

    Sec. 5-15. State indemnification obligation and net financial deficit.

    (a) Solely through the funds contained in the Olympic Games and Paralympic Games Trust Fund created by this Article, the State shall be liable to the IOC, the IPC, and the USOC for:

        (1) the State indemnification obligation; and

        (2) any net financial deficit.

    The State's liability for the State indemnification obligation and any net financial deficit shall be subject to the terms of this Section of this Article.

    (b) The State shall not make any payments with respect to the State indemnification obligation or any net financial deficit until and after (i) all bid committee and all OCOG net operating revenues, surplus, reserves, contingencies, receivables, funds, and other available assets and security have been fully expended and (ii) the candidate city has first paid at least $250,000,000 in the aggregate towards amounts that would give rise to a State indemnification obligation or a net financial deficit payment obligation on the State's part, or both.

    (c) Any financial commitments of the State under this Section shall be satisfied exclusively by recourse to the Olympic Games and Paralympic Games Trust Fund.

    (d) Any financial commitments of the State under this Section shall not exceed $250,000,000 in the aggregate.

(Source: P.A. 96-7, eff. 4-3-09.)

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Last modified: February 18, 2015