- The Regional Authority, in recognition of its oversight responsibility over the OCOG, shall have access to:
- The quarterly financial statements of the OCOG;
- The annual business plans of the OCOG; and
- All other OCOG documents necessary to achieve its oversight purpose.
- The Regional Authority shall have the power to enforce OCOG budgetary and planning changes when:
- Review by the Regional Authority of the OCOG financial statements, annual business plans, or other documents contemplated in subsection (a) of this section suggests:
- Economic shortfalls that would possibly trigger the Regional Authority's liability outlined in subsection (c); or
- The OCOG will fail to host the Olympic Games in a manner that would satisfy the requirements of the USOC or the IOC; and
- Such changes are supported by a majority of the voting members of the Regional Authority, notwithstanding the quorum requirements of § 2- 1133(e)(5).
- The Regional Authority, in recognition of its duties as overseer of the OCOG, shall:
- Be bound by the terms of, cause the OCOG to perform, and guaranty performance of, OCOG's obligations under all documents necessary and appropriate to the pursuit of the Olympic Games;
- Certify the OCOG's performance of such obligations as requested by the USOC from time to time;
- Accept liability for the OCOG, if any, as far as required by all documents necessary and appropriate to the pursuit and hosting of the Olympic Games; provided, that:
- With regard to third-party tort liabilities, the OCOG will indemnify the District of Columbia against any and all such claims and provide that the District of Columbia be named as an additional insured on all appropriate insurance policies. Nothing contained herein shall in any way modify the District of Columbia's existing liability limitation; and
- With regard to all other liabilities arising out of this paragraph, the OCOG agrees to hold the District of Columbia harmless and indemnify the District of Columbia for any such losses. If the District of Columbia incurs any liabilities, these shall count against the total limit (or cap) on the District of Columbia's liabilities as set forth in § 2-1137(a)(3).
- Accept liability, if any, with the OCOG, for any financial deficit of the OCOG or the Olympic Games, as follows:
- The OCOG shall be responsible for any amount up to $25 million;
- The Regional Authority shall be liable for any amount in excess of $25 million, but not to exceed an additional $175 million; and
- Except as set forth in existing applicable law, the OCOG and the Regional Authority shall not be limited in their choice of funding sources for covering possible financial losses, including the purchase of insurance, if commercially available and reasonably priced.
- The Regional Authority, in its financial oversight and safeguard role, shall ensure:
- No legacy programs, funds, or accounts shall be funded from any of the proceeds of the 2012 Olympic Games until all budgetary and operational financial obligations of the OCOG and the Regional Authority for hosting the Olympic Games are first met; and
- No liability for any financial deficit resulting from the 2012 Olympic Games shall accrue to the Regional Authority (or the Signatories) until all budgetary or operational financial surpluses of the OCOG, if any, are applied to all outstanding financial obligations of OCOG and the Regional Authority, if any, that accrued exclusively in connection with hosting the Olympic Games.
- The Regional Authority, to facilitate its oversight responsibility over the OCOG, shall have the additional powers:
- To sue and be sued in contract and in tort;
- To complain and defend in all courts;
- To implead and be impleaded;
- To enter into contracts;
- To hire appropriate staff; and
- Any additional powers granted to it by act.
Historical and Statutory
Legislative History of Laws
For Law 14-63, see notes following § 2-1131.
DC CODE § 2-1136
Current through December 11, 2012
(Feb. 13, 2002, D.C. Law 14-63, § 7, 48 DCR 10549.)