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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 |
| 12 |
| 13 |
| 14 |
| (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 |
| 108 |
| 109 |
| 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 |
| 144 |
| 145 |
| (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 |
| 170 |
| 171 |
| (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 |
| 247 |
| 248 |
| (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 |
| 256 |
| 257 |
| (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 |
| 272 |
| 273 |
| (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 |
| 339 |
| 340 |
| (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 |
| 355 |
| 356 |
| (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 |
| 371 |
| 372 |
| 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 |
| 376 |
| 377 |
| (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 |
| 390 |
| 391 |
| (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 |