BILL ANALYSIS Ó
SENATE COMMITTEE ON APPROPRIATIONS
Senator Ricardo Lara, Chair
2015 - 2016 Regular Session
SB 1465 (De León) - Public contracts: 2024 Olympic Games and
Paralympic Games
-----------------------------------------------------------------
| |
| |
| |
-----------------------------------------------------------------
|--------------------------------+--------------------------------|
| | |
|Version: March 29, 2016 |Policy Vote: G.O. 11 - 1 |
| | |
|--------------------------------+--------------------------------|
| | |
|Urgency: No |Mandate: No |
| | |
|--------------------------------+--------------------------------|
| | |
|Hearing Date: May 27, 2016 |Consultant: Mark McKenzie |
| | |
-----------------------------------------------------------------
Bill
Summary: SB 1465 would authorize the Governor to sign
agreements required by the United State Olympic Committee (USOC)
as part of the City of Los Angeles 2024 Olympic Games bid
process. The bill would authorize the Governor to make the
state jointly liable, as specified, with the Organizing
Committee for the Olympic Games (OCOG), a nonprofit corporation,
for obligations of the OCOG and for any financial deficit
relating to the games, as specified.
*********** ANALYSIS ADDENDUM - SUSPENSE FILE ***********
The following information is revised to reflect amendments
adopted by the committee on May 27, 2016
Fiscal
Impact:
Potential future state costs of up to $250 million*, should
Los Angeles be selected as the site of the 2024 Olympics by
SB 1465 (De León) Page 1 of
?
the International Olympic Committee (IOC). State costs would
only occur if the 2024 games incurred large financial
deficits, and all other securities provided by non-state
entities are exhausted.
* The liability may be secured by a General Fund appropriation
or by insurance coverage, letters of credit, or other acceptable
secured instruments purchased or secured by the General Funds,
or by any combination thereof.
Author
Amendments: Add coauthors and make technical changes.
-- END --