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To enact section 3773.80 of the Revised Code to | 1 |
establish the Ohio-Kentucky Olympic Coordination | 2 |
Authority Compact in law and to enter into the | 3 |
compact with the other signatories legally joining | 4 |
in it. | 5 |
Section 1. That section 3773.80 of the Revised Code be | 6 |
enacted to read as follows: | 7 |
Sec. 3773.80. The Ohio-Kentucky olympic coordination | 8 |
authority compact is hereby ratified, enacted into law, and | 9 |
entered into with the other signatories legally joining in it, in | 10 |
the following or substantially following form: | 11 |
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(A) The purpose of this compact shall be to create an entity | 15 |
to oversee the conduct of the 2012 Olympic Games that will be | 16 |
coordinated and managed by the local Organizing Committee for the | 17 |
Olympic Games (OCOG), and to assure that the Ohio-Kentucky | 18 |
region's guarantees and commitments accepted in conjunction with | 19 |
hosting the 2012 Olympic Games are fulfilled. | 20 |
(B) The Signatories find as follows: | 21 |
(1) For some time, the State of Ohio, including the City of | 22 |
Cincinnati, and the Commonwealth of Kentucky, through the | 23 |
nonprofit organization known as Cincinnati 2012, have been | 24 |
actively engaged in national competition to win the U.S. Candidate | 25 |
City designation and, subsequently, the Host City designation for | 26 |
the 2012 Olympic Games. | 27 |
(2) Hosting the 2012 Olympic Games will provide major, | 28 |
lasting, and unique benefits for all of the citizens of the | 29 |
Ohio-Kentucky region, including all of the following: | 30 |
(a) Measurable, positive economic impact on our regional | 31 |
economy; | 32 |
(b) A catalyst for regional action and cooperation; | 33 |
(c) An opportunity to showcase this part of the United | 34 |
States to the nation and to the world; | 35 |
(d) A renewed sense of pride and tangible legacies, such as | 36 |
new and improved sports venues, strong national and international | 37 |
awareness, and public incentive to advance or complete major | 38 |
projects. | 39 |
(3) Economic studies conducted by the Center for Economic | 40 |
Education of the University of Cincinnati show that preparing for | 41 |
and hosting the 2012 Olympic Games will have a positive economic | 42 |
impact on the Ohio-Kentucky region, including all of the | 43 |
following: | 44 |
(a) Direct and indirect spending in excess of six billion | 45 |
two hundred million dollars; | 46 |
(b) The creation of approximately seventy-nine thousand | 47 |
jobs; | 48 |
(c) Increased new net tax revenues, without raising or | 49 |
creating any new taxes, of in excess of two hundred million | 50 |
dollars (net of projected visitor and new resident spending of one | 51 |
hundred eighty million dollars); | 52 |
(d) A lasting improvement in the region's competitive | 53 |
position within the convention and travel and tourism industries, | 54 |
as well as enhanced ability to attract new businesses. | 55 |
(4) The citizens of the Ohio-Kentucky region have responded | 56 |
positively to Cincinnati 2012's efforts and solidly embraced the | 57 |
cause to host the 2012 Olympic Games, expressed in part by the | 58 |
endorsement of scores of local business, civic, governmental, | 59 |
academic, and amateur sports organizations, and by public opinion | 60 |
survey results that show seventy-four per cent of the region's | 61 |
residents support the effort to bring the 2012 Olympic Games to | 62 |
this area. | 63 |
(5) Through the submission of the Ohio-Kentucky region's | 64 |
official bid proposal to the United States Olympic Committee | 65 |
(USOC) on December 15, 2000, Cincinnati 2012 reached a milestone | 66 |
in its efforts to be designated as the U.S. Candidate City by | 67 |
providing a logistical, operational, and financial blueprint for | 68 |
hosting the 2012 Olympic Games. | 69 |
(6) The official bid proposal highlights great assets of our | 70 |
region and is developed around key principles, including an | 71 |
emphasis on the utilization of existing physical assets, respect | 72 |
for the environment, and showcasing this part of the United States | 73 |
as an underutilized asset of the world economy. | 74 |
(7) In addition to the Ohio-Kentucky region's bid proposal, | 75 |
the USOC and the International Olympic Committee (IOC) require | 76 |
certain guarantees and commitments in conjunction with hosting the | 77 |
2012 Olympic Games should our region win the U.S. Candidate City | 78 |
designation. | 79 |
(8) Cincinnati 2012 has proposed a credible and defensible | 80 |
privately generated budget projecting revenues of two billion | 81 |
seven hundred fifteen million dollars, expenditures of two | 82 |
billion five hundred sixty-nine million dollars, including a | 83 |
three hundred eleven million dollar contingency, and a surplus of | 84 |
one hundred forty-five million dollars. | 85 |
(9) The State of Ohio and the Commonwealth of Kentucky find | 86 |
substantial public purpose in supporting the 2012 Olympic Games, | 87 |
and to this end may provide, in an equitable distribution | 88 |
commensurate with projected benefits, two hundred million dollars | 89 |
in net new tax revenues, as financial support in the unlikely | 90 |
event of an operating deficit with full understanding of | 91 |
Cincinnati 2012's, or its successor, the OCOG's intent to purchase | 92 |
at least two hundred million dollars in net operating deficit | 93 |
insurance coverage before those net new tax revenues would be | 94 |
utilized. | 95 |
(10) It is incumbent upon Cincinnati 2012 and government | 96 |
leaders to move forward together now to craft the solution that | 97 |
best "lives regionalism" and maximizes the chances of this part of | 98 |
the United States winning the 2012 Olympic Games and reaping the | 99 |
considerable and measurable benefits that come with this honor. | 100 |
(11) Given that all three jurisdictions, Ohio, Kentucky, and | 101 |
Cincinnati, will host a significant number of events and reap | 102 |
substantial benefits, the most effective solution for all three | 103 |
jurisdictions is to enter into a compact creating a single entity | 104 |
that gives the USOC, and subsequently the IOC, a single focal | 105 |
point and a united front to enhance accountability and ensure a | 106 |
successful 2012 Olympic Games. | 107 |
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As used in this compact: | 110 |
(A) "Bid proposal" means the bid formally submitted by | 111 |
Cincinnati 2012 to the USOC on December 15, 2000. | 112 |
(B) "Cincinnati 2012" means Cincinnati 2012, a nonprofit | 113 |
corporation organized under the laws of the State of Ohio, and its | 114 |
successors. | 115 |
(C) "Host City" means the entity that has been selected by | 116 |
the International Olympic Committee to host the 2012 Olympic | 117 |
Games. | 118 |
(D) "International Olympic Committee" and "IOC" mean the | 119 |
International Olympic Committee, a body corporate under | 120 |
international law created by the Congress of Paris of 23 June, | 121 |
1894, and having perpetual succession. | 122 |
(E) "Ohio-Kentucky Olympic Coordination Authority" and | 123 |
"OKOCA" mean the entity created by the State of Ohio, the | 124 |
Commonwealth of Kentucky, and the City of Cincinnati to provide | 125 |
oversight over the Organizing Committee for the Olympic Games. | 126 |
(F) "Olympic Games" means any Olympic Games sponsored and | 127 |
governed by the International Olympic Committee and any other | 128 |
educational, cultural, athletic, or sporting events related or | 129 |
preliminary to those Olympic Games. | 130 |
(G) "Organizing Committee for the Olympic Games," and "OCOG" | 131 |
mean the successor organization to and formed by Cincinnati 2012 | 132 |
to organize and conduct the 2012 Olympic Games, if Cincinnati 2012 | 133 |
is selected by the IOC as the Host City in 2005. | 134 |
(H) "Signatories" means the State of Ohio, the Commonwealth | 135 |
of Kentucky, and the City of Cincinnati. | 136 |
(I) "U.S. Candidate City" means the entity that has received | 137 |
the United States Olympic Committee's endorsement to submit to the | 138 |
IOC the sole bid from the United States for the hosting of the | 139 |
2012 Olympic Games. | 140 |
(J) "United States Olympic Committee" and "USOC" mean the | 141 |
United States Olympic Committee, incorporated by Act of Congress | 142 |
on September 21, 1950, and having perpetual succession. | 143 |
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(A) The Signatories hereby provide the mechanism for the | 146 |
creation and termination of the Ohio-Kentucky Olympic Coordination | 147 |
Authority (OKOCA), which shall be an instrumentality of the State | 148 |
of Ohio, the Commonwealth of Kentucky, and the City of Cincinnati, | 149 |
and shall have the powers and duties set forth in this compact, | 150 |
and those additional powers and duties conferred upon it by | 151 |
subsequent actions of the Signatories. | 152 |
(B) The OKOCA shall come into existence by the force of this | 153 |
compact when and if, and only if, the IOC awards the 2012 Olympic | 154 |
Games in 2005 to Cincinnati 2012. | 155 |
(C) The OKOCA, if ever brought into existence, shall cease | 156 |
to exist by the force of this compact on January 1, 2014, unless | 157 |
extended by substantially similar future legislation passed by | 158 |
each of the Signatories. | 159 |
(D) Until the OKOCA comes into existence, the combined | 160 |
signatures of the Governors of Ohio and Kentucky, and the Mayor of | 161 |
the City of Cincinnati, on any and all documents necessary and | 162 |
appropriate to the pursuit of the 2012 Olympic Games shall be | 163 |
deemed binding on future actions of the OKOCA. | 164 |
(E) For the purposes of this section, the above-referenced | 165 |
signatures may be on the same document, on separate but materially | 166 |
and substantially similar documents, or any combination thereof. | 167 |
No individual signature shall be deemed effective until all three | 168 |
above-referenced signatures are obtained. | 169 |
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(A) The OKOCA shall be composed of the following nine voting | 172 |
members: the State of Ohio shall be entitled to three voting | 173 |
members, to be appointed by the Governor of Ohio; the Commonwealth | 174 |
of Kentucky shall be entitled to three voting members, to be | 175 |
appointed by the Governor of Kentucky; and the City of Cincinnati | 176 |
shall be entitled to three voting members, to be appointed by the | 177 |
Mayor of the City of Cincinnati. The OCOG shall be entitled to one | 178 |
ex-officio member on the OKOCA, to be appointed in a manner | 179 |
consistent with its usual procedure. | 180 |
(B) Members of OKOCA shall not be compensated for their | 181 |
service on the OKOCA, but shall be entitled to be reimbursed by | 182 |
the OKOCA for normal and customary expenses incurred in the | 183 |
performance of their duties. | 184 |
(C) The terms of the members of the OKOCA shall be two | 185 |
years. Each member shall hold office until the member's | 186 |
successor is appointed and duly qualified. Any member of the | 187 |
OKOCA may succeed himself or herself. All vacancies in the | 188 |
membership of the OKOCA shall be filled in the manner of the | 189 |
original appointment for the remainder of the unexpired term. | 190 |
(D) The OKOCA shall elect from its voting membership a | 191 |
chair, a vice-chair, a secretary, and a treasurer. Those officers | 192 |
shall serve the terms prescribed by resolution of the OKOCA or | 193 |
until their successors are elected and qualified. No member of | 194 |
the OKOCA shall hold more than one office on the OKOCA. | 195 |
(E) The OKOCA shall meet at least twice annually in the five | 196 |
years preceding and one year following the 2012 Olympic Games. | 197 |
Regular meetings of the OKOCA shall be held on the dates and at | 198 |
the time and place fixed by resolution of the OKOCA. Special | 199 |
meetings of the OKOCA may be called by resolution of the OKOCA, by | 200 |
the chair or vice-chair, or upon the written request of at least | 201 |
three voting members of the OKOCA. Written notice of all meetings | 202 |
shall be delivered to each member, not less than three days prior | 203 |
to the date of the meeting in the case of regular meetings and not | 204 |
less than twenty-four hours in the case of special meetings. | 205 |
(F) A majority of the voting members of the OKOCA shall | 206 |
constitute a quorum. A majority of the quorum is empowered to | 207 |
exercise all the rights and perform all the duties of the OKOCA, | 208 |
and no vacancy on the OKOCA shall impair the right of that | 209 |
majority to act. If at any meeting there is less than a quorum | 210 |
present, a majority of those present may adjourn the meeting to a | 211 |
fixed time and place, and notice of the time and place shall be | 212 |
given in accordance with section (E) of this Article, provided | 213 |
that if the notice period required by that section cannot | 214 |
reasonably be complied with, notice, if any, of the adjourned | 215 |
meeting shall be given as is reasonably practical. | 216 |
(G) The OKOCA shall establish rules and regulations for its | 217 |
own governance, not inconsistent with this compact. | 218 |
(H) The OKOCA shall establish a system of financial | 219 |
accounting and controls, audits, and reports. All accounting | 220 |
systems and records, auditing procedures and standards, and | 221 |
financial reporting shall conform to generally accepted principles | 222 |
of governmental accounting. The OKOCA shall designate a fiscal | 223 |
year, designate the necessary funds for complete accountability, | 224 |
and specify the basis of accounting for each fund. The OKOCA shall | 225 |
cause to be prepared a financial report on all funds at least | 226 |
quarterly and a comprehensive report on the fiscal operations and | 227 |
conditions of the OKOCA annually. | 228 |
All financial records, reports, and documents of the OKOCA | 229 |
shall be public records open to public inspection under | 230 |
reasonable regulations prescribed by the OKOCA. | 231 |
(I) The OKOCA shall cause to be formed an OKOCA Advisory | 232 |
Committee not to exceed twenty-five members, which shall be | 233 |
comprised of representatives known as advisory members, from each | 234 |
of the local jurisdictions substantially impacted by the hosting | 235 |
of the 2012 Olympic Games in the Ohio-Kentucky region, to be | 236 |
selected in a manner to be determined by the OKOCA. | 237 |
(J) Reasonable efforts should be made to ensure that | 238 |
appointments of voting members and advisory members are of | 239 |
residents of the regional community with relevant and useful | 240 |
experience, and with sufficient time to devote to the duties of | 241 |
the OKOCA, to help facilitate the successful hosting of the 2012 | 242 |
Olympic Games; reflect the geographical diversity inherent in the | 243 |
regional nature of Cincinnati 2012's bid proposal; and reflect the | 244 |
cultural, ethnic, and racial diversity inherent in the | 245 |
Ohio-Kentucky region. | 246 |
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(A) The OCOG shall provide reasonable funds for the operation | 249 |
of the OKOCA and the conduct of its business in accordance with | 250 |
the provisions of this compact. | 251 |
(B) The OKOCA shall submit to the OCOG a planned budget for | 252 |
the OKOCA's next fiscal year, adopted consistent with Article IV | 253 |
of this compact, not less than ninety days before the beginning of | 254 |
the next fiscal year. | 255 |
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(A) There is hereby created, outside the state treasury, the | 258 |
Olympic Games Account. The Account shall be used for the sole | 259 |
purpose of the State of Ohio's and the Commonwealth of Kentucky's | 260 |
provision of financial support in the unlikely event of any net | 261 |
operating deficit not covered by the OCOG and the OKOCA, resulting | 262 |
from the operation of the 2012 Olympic Games. | 263 |
(B) The State of Ohio and the Commonwealth of Kentucky shall | 264 |
provide for depositing into the Account a portion of the net new | 265 |
tax revenues generated from the preparation and holding of the | 266 |
2012 Olympic Games. As stated in section (B)(3)(c) of Article I of | 267 |
this compact, it is estimated that the State of Ohio and the | 268 |
Commonwealth of Kentucky will benefit in excess of two hundred | 269 |
million dollars in net new tax revenues, without raising or | 270 |
creating new taxes. | 271 |
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(A) The OKOCA, in recognition of its oversight responsibility | 274 |
over the OCOG, shall have access to the quarterly financial | 275 |
statements of the OCOG, the annual business plans of the OCOG, and | 276 |
all other OCOG documents necessary to achieve its oversight | 277 |
responsibility. | 278 |
(B) The OKOCA shall have the power to enforce OCOG budgetary | 279 |
and planning changes when review by the OKOCA of the OCOG | 280 |
financial statements, annual business plans, or other documents | 281 |
contemplated in this Article suggests economic shortfalls that | 282 |
possibly would trigger the OKOCA's liability outlined in this | 283 |
Article or the OCOG will fail to host the 2012 Olympic Games in a | 284 |
manner that would satisfy the requirements of the USOC or the IOC; | 285 |
and the budgetary and planning changes are supported by a majority | 286 |
of the voting members of the OKOCA, notwithstanding the quorum | 287 |
requirements of Article IV of this compact. | 288 |
(C) The OKOCA, in recognition of its duties as overseer of | 289 |
the OCOG, shall do all of the following: | 290 |
(1) Be bound by the terms of, cause the OCOG to perform, and | 291 |
guaranty performance of the OCOG's obligations under all documents | 292 |
necessary and appropriate to the pursuit of the 2012 Olympic | 293 |
Games; | 294 |
(2) Certify the OCOG's performance of those obligations as | 295 |
requested by the IOC or the USOC from time to time; | 296 |
(3) Accept liability for the OCOG, if any, as far as required | 297 |
by all documents necessary and appropriate to the pursuit and | 298 |
hosting of the 2012 Olympic Games; | 299 |
(4) Accept, together with the OCOG, liability for any net | 300 |
operating deficit of the OCOG or the 2012 Olympic Games by | 301 |
providing a financial guaranty in the sum of four hundred million | 302 |
dollars as follows: | 303 |
(a) Upon Cincinnati's selection as the host city, the OKOCA | 304 |
and the OCOG shall purchase a commercial insurance policy, | 305 |
approved by OKOCA, that provides at least two hundred million | 306 |
dollars coverage for any net operating deficit. | 307 |
(b) The OKOCA shall establish the method by which the funds | 308 |
available in the Olympic Games Account, if any, and through the | 309 |
commercial insurance policy, will be distributed to cover any | 310 |
financial losses as a result of the hosting and operation of the | 311 |
2012 Olympic Games. | 312 |
(c) The total funds available to the OKOCA in the Olympic | 313 |
Games Account, if any, shall not exceed two hundred million | 314 |
dollars; the total funds available to the OKOCA through the | 315 |
commercial insurance policy shall not exceed two hundred million | 316 |
dollars. | 317 |
(D) The OKOCA, in its financial oversight and safeguard role, | 318 |
shall ensure that no surplus operating funds are committed until | 319 |
all budgetary and operational financial obligations of the OCOG | 320 |
and the OKOCA for hosting the 2012 Olympic Games are first met; | 321 |
and that no liability for any net operating deficit resulting from | 322 |
the 2012 Olympic Games shall accrue to the OKOCA or the | 323 |
Signatories, if they provide financial support, until all | 324 |
budgetary and operational financial surpluses of the OCOG, if any, | 325 |
are applied to all outstanding budgetary and operational financial | 326 |
obligations of the OCOG and the OKOCA, if any, accrued exclusively | 327 |
in connection with hosting the 2012 Olympic Games. | 328 |
(E) The OKOCA, in order to facilitate its oversight | 329 |
responsibility over the OCOG, shall have all of the following | 330 |
additional powers: | 331 |
(1) To sue and be sued in contract and in tort; | 332 |
(2) To complain and defend in all courts; | 333 |
(3) To implead and be impleaded; | 334 |
(4) To enter into contracts; | 335 |
(5) To hire appropriate staff; | 336 |
(6) To exercise any additional powers granted to it by | 337 |
subsequent legislation. | 338 |
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(A) Any liability incurred by the OKOCA that is not covered | 341 |
by insurance under Article VII of this compact shall be | 342 |
financially subsidized by the State of Ohio and the Commonwealth | 343 |
of Kentucky, if each elects to do so, in an amount not to exceed | 344 |
two hundred million dollars and in proportion to the relative | 345 |
economic benefits currently expected to accrue to each from | 346 |
hosting the 2012 Olympic Games, as follows: | 347 |
(1) The State of Ohio, eighty-five per cent; | 348 |
(2) The Commonwealth of Kentucky, fifteen per cent. | 349 |
(B) If any liability incurred by the OKOCA is financially | 350 |
subsidized under this Article, the State of Ohio and the | 351 |
Commonwealth of Kentucky shall provide their respective shares in | 352 |
manners consistent with the requirements of their respective | 353 |
constitutions and statutes. | 354 |
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(A) As appropriate to its individual jurisdiction and | 357 |
specific role in hosting the 2012 Olympic Games, each Signatory | 358 |
agrees to do all of the following: | 359 |
(1) Ensure that infrastructure improvements as discussed in | 360 |
the Cincinnati 2012 bid proposal take place; | 361 |
(2) Provide access to existing state and city-controlled | 362 |
facilities and other important resources as specified in | 363 |
Cincinnati 2012's bid proposal, in accordance with applicable law | 364 |
and contractual obligations; | 365 |
(3) Provide adequate security, fire protection, and other | 366 |
government-related services at a reasonable cost to ensure the | 367 |
safe and orderly operation of the 2012 Olympic Games. | 368 |
(B) The governor may execute all documents that are required | 369 |
by the USOC or IOC to be executed on behalf of the State of Ohio. | 370 |
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The OKOCA shall make every effort to comply with the laws of | 373 |
each of the Signatories regarding disclosure, appointment, and | 374 |
open meetings. | 375 |
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(A) Prior to the effective date of this compact under | 378 |
Article XII, the Governor of Ohio, on behalf of the State of Ohio, | 379 |
may execute the joinder undertaking required by the USOC to be | 380 |
executed for pursuit of the 2012 Olympic Games. | 381 |
(B) Until the OKOCA comes into existence and prior to the | 382 |
effective date of this compact under Article XII, documents | 383 |
necessary and appropriate to the pursuit of the 2012 Olympic Games | 384 |
that bear combined signatures of the Governor of Ohio and the | 385 |
Mayor of the City of Cincinnati shall be deemed binding on future | 386 |
actions of the OKOCA. Both signatures shall be on each such | 387 |
document, and no individual signature is effective to bind OKOCA | 388 |
until both signatures are obtained. | 389 |
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(A) This compact shall take effect on the date on which | 392 |
substantially similar legislation is passed by each of the | 393 |
Signatories. | 394 |
(B) If the City of Cincinnati is not selected as the U.S. | 395 |
Candidate City or the Host City, this compact shall immediately be | 396 |
null and void." | 397 |