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California to help back Los Angeles Olympics costsDate: 10.04.2007
Posted by: Anabolic Info Team United States
SAN FRANCISCO (Reuters) - California will be jointly liable with a local committee for cost overruns of up to $250 million if Los Angeles is picked as host for the 2016 Olympics under a bill a signed on Tuesday by Gov. Arnold Schwarzenegger.
Los Angeles and Chicago are competing for the U.S. bid to host the 2016 Olympics. The U.S. Olympic Committee will nominate one of the two cities on Saturday.
"I can think of no better home for the 2016 Olympic Games than Los Angeles," Schwarzenegger, a Hollywood icon and former bodybuilding champion, said in a statement. "We have long been a global center for the health and fitness movement, and the games hold a special place in the hearts of all Californians."
The bill enables Los Angeles to meet the U.S. Olympic Committee's requirement that a city bidding for the games obtain a state guarantee for cost overruns and liability for being the Olympic host. California will be liable with the Southern California Committee for the Olympic Games for any debt from the games, though supporters of the bill say the event will pay for itself.
The bill was written by California Assembly Speaker Fabian Nunez, who represents Los Angeles. The city hosted the 1932 and 1984 Olympics.
"Los Angeles has all the facilities the Olympics need," said Schwarzenegger. "It also has incredible tradition and a gold-medal record when it comes to hosting these great Summer Games."
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