Public contracts: 2028 Olympic Games and Paralympic Games.

Existing law provides specified requirements in awarding certain public contracts. This bill would authorize the Governor to execute games support contracts, not to exceed a specified amount, in connection with the site selection process for the City of Los Angeles to become the host for the 2028 Olympic Games and Paralympic Games, that accept financial liability to provide the state security for amounts owed by the Organizing Committee for the Olympic Games (OCOG) , as specified, and for any financial deficit accruing to the OCOG as a result of the hosting of the games by the endorsing municipality, as defined. The bill would establish the Olympic Games Trust Fund in the State Treasury and would, upon appropriation by the Legislature, make the money in the fund available for these purposes, as specified. This bill would make legislative findings and declarations that, among other things, the endorsing municipality has developed a self-sufficient bid for financing the games.