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California Proposes Financial Backup For LA Olympic Plan

(AP) — The leader of the California Senate has introduced a proposal that would provide a $250 million financial backup as part of Los Angeles' 2024 Olympic bid.

City analysts said Friday that a bill introduced by Senate President Pro Tem Kevin de Leon of Los Angeles would establish a fund that could be used to cover cost overruns or liability resulting from the Games.

LA is competing with Paris, Rome and Budapest, Hungary, for the 2024 Games.

City Council members have been wary of the potential for creeping costs for an event that historically runs over budget.

As part of the bid, the city must agree to a contract that essentially sticks the city and state — not the International Olympic Committee — with any cost overruns.