The General Assembly hereby enacts, and the Commonwealth ofVirginia hereby enters into, the Chesapeake Regional Olympic Games Compact withany and all states legally joining therein according to its terms, in the form substantiallyas follows:
CHESAPEAKE REGIONAL OLYMPIC GAMES COMPACT.
Article I.
Purpose and Findings.
A. The purpose of this compact shall be to create a regionalauthority to oversee the conduct of the 2012 Olympic Games, coordinated andmanaged by the local Organizing Committee for the Olympic Games (OCOG), and toassure that the region's guarantees and commitments accepted in conjunctionwith hosting the Olympic Games are fulfilled.
B. The General Assembly finds that:
1. For some time, the State of Maryland (including the City ofBaltimore), the District of Columbia, and the Commonwealth of Virginia, throughthe nonprofit organization known as the Washington/Baltimore Regional 2012Coalition (WBRC 2012), have been actively engaged in national competition towin the U.S. Candidate City designation and, subsequently, the Host Citydesignation and the right to host the 2012 Olympic Games.
2. Hosting the Olympic Games will provide several major,lasting, and unique benefits for all of the citizens of the Chesapeake region,including:
a. Direct, positive economic impact on our regional economy;
b. An opportunity to showcase our region to the world;
c. A catalyst for regional action; and
d. A renewed sense of pride along with a tangible legacy (e.g.new and improved venues and enhanced transportation infrastructure).
3. Independent economic studies show that preparing for andhosting the Olympic Games will have a positive economic impact on the region,including:
a. Direct and indirect spending in excess of $5,000,000,000;
b. The creation of approximately 70,000 jobs;
c. Increased tax revenues resulting from Olympic-relatedeconomic activity in excess of $130,000,000, without raising or creating anynew taxes; and
d. A lasting improvement in the region's competitive positionwithin the travel/tourism industry, as well as the region's ability to attractnew businesses.
4. The citizens of the region have responded positively toWBRC 2012's efforts and solidly embraced the cause to host the Olympic Games,expressed in part by the endorsement of scores of local business, civic,governmental, academic, and amateur sports organizations, and by survey resultsthat show (i) eighty-two percent of the region's residents support the effortto bring the 2012 Olympic Games to this area and (ii) eighty-six percent ofarea residents believe that the Olympic Games will bring substantial economicbenefits to our region.
5. Through the submission of the region's official bidproposal to the United States Olympic Committee (USOC) on December 15, 2000,WBRC 2012 reached a milestone in the process of capturing the Olympic Games byproviding a 631-page logistical, operational, and financial blueprint forhosting the 2012 Games.
6. The bid proposal highlights the great venues and vistasfound in our region and is developed around key principles, including (i)building less, not more and (ii) utilizing mass transit, and (iii) protectingthe environment.
7. In addition to the region's bid proposal, the USOC and theInternational Olympic Committee (IOC) require certain government guarantees andcommitments in conjunction with hosting the 2012 Olympic Games, should ourregion win the U.S. Candidate City designation.
8. Our unique regional approach to winning the right to host theOlympic Games creates the added complication of determining which entities willprovide the necessary guarantees.
9. It is incumbent upon WBRC 2012 and government leaders tomove forward together now to craft the solution that best "livesregionalism" and maximizes the region's chances of winning the 2012Olympic Games, and reaping the many benefits that come with this honor.
10. Given that all four jurisdictions, Virginia, Maryland, theDistrict of Columbia, and Baltimore, will host a significant number of eventsand reap substantial benefits, the most effective solution for all fourjurisdictions is to enter into a single agreement that gives the USOC (andsubsequently the IOC) a single focal point and a united front that reflects theregional nature of our bid.
Article II.
Definitions.
As used in this compact:
"Bid Proposal" means the bid formally submitted byWBRC 2012 to the USOC on December 15, 2000.
"Host City" means the entity that has been selectedby the International Olympic Committee to host the 2012 Olympic Games.
"International Olympic Committee" and"IOC" means the International Olympic Committee, a body corporateunder international law created by the Congress of Paris of 23 June, 1894, andhaving perpetual succession.
"Olympic Games" means any Olympic Games sponsoredand governed by the International Olympic Committee and any other educational,cultural, athletic, or sporting events related or preliminary thereto.
"Organizing Committee for the Olympic Games," and"OCOG" means the Committee formed by WBRC 2012 to organize andconduct the Olympic Games, if WBRC 2012 is selected by the IOC as the host cityin 2005.
"Signatories" means the Commonwealth of Virginia,the State of Maryland, the District of Columbia, and the City of Baltimore.
"U.S. Candidate City" means the entity that hasreceived the United States Olympic Committee's endorsement to submit to the IOCthe sole bid from the United States for the hosting of the 2012 Olympic Games.
"United States Olympic Committee" and"USOC" means the United States Olympic Committee, incorporated by Actof Congress on September 21, 1950, and having perpetual succession.
"WBRC 2012" means Washington/Baltimore Regional 2012Coalition, a not-for-profit corporation organized under the laws of the Stateof Maryland, and its successors.
Article III.
Creation of Regional Authority.
A. The Signatories hereby provide the mechanism for thecreation and termination of the "Chesapeake Regional Olympic GamesAuthority," hereinafter "Regional Authority," which shall be aninstrumentality of the Commonwealth of Virginia, the State of Maryland, theDistrict of Columbia, and the City of Baltimore, and shall have the powers andduties set forth herein, and those additional powers and duties conferred uponit by subsequent actions of the signatories.
B. The Regional Authority shall come into existence by theforce of this compact when and if, and only if, the IOC awards the 2012 OlympicGames in year 2005 to WBRC 2012, as the U.S. Candidate City and the officialrepresentative of the Maryland, Virginia, District of Columbia, Baltimoreregion.
C. The Regional Authority shall, if ever brought intoexistence, cease to exist by the force of this Compact on January 1, 2014,unless extended by substantially similar future legislation passed by each ofthe Signatories.
D. Until such time as the Regional Authority comes intoexistence, the combined signatures of the Governors of Virginia and Maryland,and the Mayors of the District of Columbia and Baltimore, on any and alldocuments necessary and appropriate to the pursuit of the 2012 Olympic Gamesshall be deemed binding on future actions of the Regional Authority.
For the purposes of this subsection, (i) the above referencedsignatures may be on the same document, on separate but materially andsubstantially similar documents, or any combination thereof; and (ii) noindividual signature shall be deemed effective until such time as all fourabove referenced signatures are obtained.
A. The Regional Authority shall be composed of eleven votingmembers, as follows: The State of Maryland shall be entitled to three votingmembers, to be appointed by the Governor of Maryland; the Commonwealth ofVirginia shall be entitled to three voting members, to be appointed by theGovernor of Virginia; the District of Columbia shall be entitled to threevoting members, to be appointed by the Mayor of the District of Columbia; theCity of Baltimore shall be entitled to one voting member, to be appointed bythe Mayor of the City of Baltimore; and the Washington/Baltimore Regional 2012Coalition, a not-for-profit corporation created for the sole purpose ofbringing the Olympic Games to the region, or the OCOG, shall be entitled to onevoting member, to be appointed in a manner consistent with its usual procedure.
B. The Regional Authority shall cause to be formed a RegionalAuthority Advisory Committee, which shall be comprised of representatives(Advisory Members) from each of the local jurisdictions substantially impactedby hosting the Olympic Games in the region, in a manner to be determined by theRegional Authority.
C. Reasonable efforts should be made to ensure thatappointments of voting members and advisory members (i) are residents of theregional community with relevant and useful experience, and with sufficienttime to devote to the duties of the Regional Authority, to help facilitate thesuccessful hosting of the Olympic Games; (ii) reflect the geographicaldiversity inherent in the regional nature of WBRC 2012's bid proposal; and(iii) reflect the cultural, ethnic, and racial diversity inherent in theChesapeake Region.
D. Voting members shall not be compensated for their serviceon the Regional Authority, but shall be entitled to be reimbursed by theRegional Authority for normal and customary expenses incurred in theperformance of their duties.
E. The terms of the voting members of the Regional Authorityshall be two years. Each voting member shall hold office until his successorshall be appointed and duly qualified. Any voting member of the RegionalAuthority may succeed himself. All vacancies in the membership of the votingmembers of the Regional Authority shall be filled in the manner of the originalappointment for remainder of the unexpired term.
F. The Regional Authority shall elect from its membership achair, a vice-chair, a secretary, and a treasurer. Such officers shall servefor such terms as shall be prescribed by resolution of the Regional Authorityor until their successors are elected and qualified. No voting member of theRegional Authority shall hold more than one office on the Regional Authority.
G. Regular meetings of the Regional Authority shall be held onsuch dates and at such time and place as shall be fixed by resolution of theRegional Authority. Special meetings of the Regional Authority may be called byresolution of the authority, by the chairman or vice-chairman, or upon thewritten request of at least three voting members of the Regional Authority.Written notice of all meetings shall be delivered to each voting member, notless than three days prior to the date of the meeting in the case of regularmeetings and not less than twenty-four hours in the case of special meetings.
H. A majority of the voting members of the Regional Authorityshall constitute a quorum. A majority of the quorum is empowered to exerciseall the rights and perform all the duties of the Regional Authority and novacancy on the Regional Authority shall impair the right of such majority toact. If at any meeting there is less than a quorum present, a majority of thosepresent may adjourn the meeting to a fixed time and place, and notice of thetime and place shall be given in accordance with subsection G, provided that ifthe notice period required by subsection G cannot reasonably be complied with,such notice, if any, of such adjourned meeting shall be given as is reasonablypractical.
I. The Regional Authority shall establish rules and regulationsfor its own governance, not inconsistent with this compact.
J. The Regional Authority shall make provision for a system offinancial accounting and controls, audits, and reports. All accounting systemsand records, auditing procedures and standards, and financial reporting shallconform to generally accepted principles of governmental accounting. Allfinancial records, reports, and documents of the Regional Authority shall bepublic records and open to public inspection under reasonable regulations prescribedby the Regional Authority.
The Regional Authority shall designate a fiscal year,establish a system of accounting and financial control, designate the necessaryfunds for complete accountability, and specify the basis of accounting for eachfund. The Regional Authority shall cause to be prepared a financial report onall funds at least quarterly and a comprehensive report on the fiscaloperations and conditions of the Regional Authority annually.
Article V.
Funding of Regional Authority.
A. The OCOG shall provide reasonable funds for the operationof the Regional Authority and the conduct of its business in accordance withthe provisions of this compact.
B. For the purposes of this article, payment of any insurancepremiums incurred by the Regional Authority under the authority granted to itby Article VI shall not be considered operations funds referred to insubsection A. The OCOG shall pay only such insurance premiums as arereasonable.
C. The OCOG shall not be responsible for any financialliability that the Regional Authority may incur under Article VI.
D. The Regional Authority shall submit to the OCOG a plannedbudget for the Regional Authority's next fiscal year, adopted consistent withArticle IV, no less than ninety days before the beginning of the next fiscalyear.
Article VI.
Regional Authority Oversight of Organizing Committee of theOlympic Games; Additional Powers.
A. The Regional Authority, in recognition of its oversightresponsibility over the OCOG, shall have access to (i) the quarterly financialstatements of the OCOG, (ii) the annual business plans of the OCOG, and (iii)all other OCOG documents necessary to achieve its oversight purpose.
B. The Regional Authority shall have the power to enforce OCOGbudgetary and planning changes when review by the Regional Authority of theOCOG financial statements, annual business plans, or other documentscontemplated in this article suggests (i) economic shortfalls that wouldpossibly trigger the Regional Authority's liability outlined in this article;or (ii) the OCOG fails to host the Olympic Games in a manner that would satisfythe requirements of the USOC or the IOC; and such changes are supported by amajority of the voting members of the Regional Authority, notwithstanding thequorum requirements of Article IV.
C. The Regional Authority, in recognition of its duties asoverseer of the OCOG, shall:
1. Be bound by the terms of, cause the OCOG to perform, andguaranty performance of the OCOG's obligations under all documents necessaryand appropriate to the pursuit of the Olympic Games;
2. Certify the OCOG's performance of such obligations asrequested by the USOC from time to time;
3. Accept liability for the OCOG, if any, as far as requiredby all documents necessary and appropriate to the pursuit and hosting of theOlympic Games; and
4. Accept liability, if any, with the OCOG, for any financialdeficit of the OCOG, or the Olympic Games, as follows:
a. The OCOG shall be responsible for any amount up totwenty-five million dollars;
b. The Regional Authority shall be liable for any amount inexcess of twenty-five million dollars, but not to exceed an additional $175million; and
c. Except as set forth in existing applicable law, the OCOGand the Regional Authority shall not be limited in their choice of fundingsources for covering possible financial losses, including but not limited tothe purchase of insurance, if commercially available and reasonably priced.
D. The Regional Authority, in its financial oversight and safeguardrole, shall ensure that no legacy programs, funds, or accounts shall be fundedfrom any of the proceeds of the 2012 Olympic Games until all budgetary andoperational financial obligations of the OCOG and the Regional Authority forhosting the Olympic Games are first met; and that no liability for anyfinancial deficit resulting from the 2012 Olympic Games shall accrue to theRegional Authority (or the Signatories) until all budgetary and/or operationalfinancial surpluses of the OCOG, if any, are applied to all outstandingfinancial obligations of OCOG and the Regional Authority, if any, accruedexclusively in connection with hosting the Olympic Games.
E. The Regional Authority, in order to facilitate itsoversight responsibility over the OCOG, shall have the additional powers to:
1. Sue and be sued in contract and in tort;
2. Complain and defend in all courts;
3. Implead and be impleaded;
4. Enter into contracts;
5. Hire appropriate staff; and
6. Exercise any additional powers granted to it by subsequentlegislation.
Article VII.
Indemnification.
A. Any liability incurred by the Regional Authority, notcovered by insurance under Article VI, shall be further indemnified by thesignatories to this compact, in proportion to the relative economic benefitcurrently expected to accrue to each signatory from hosting the Olympic Games,as follows:
1. The State of Maryland shall be liable for fifty-threepercent;
2. The Commonwealth of Virginia shall be liable for nineteenpercent; and
3. The District of Columbia shall be liable for twenty-eightpercent.
B. Each of the signatories to this compact may provide for itsshare of any possible liability in any manner it may choose, as befits eachsignatory's independent commitment.
Article VIII.
Commitments of Signatories.
As appropriate to its individual jurisdiction and specificrole in hosting the 2012 Olympic Games, each Signatory agrees to:
1. Ensure that necessary facilities are built andtransportation infrastructure improvements take place, including governmentfunding as appropriate;
2. Provide access to existing state/city-controlled facilitiesand other important resources as specified in WBRC 2012's bid proposal, inaccordance with applicable law and contractual obligations; and
3. Provide adequate security, fire protection and othergovernment-related services at a reasonable cost to ensure for the safe andorderly operation of the Olympic Games.
Article IX.
Compliance With Local Law.
The Regional Authority shall make every effort to comply withthe local laws of each of the Signatories to this compact, regardingdisclosure, appointment, and open meetings.
Article X.
Effective Dates.
None of the duties or responsibilities encompassed in thiscompact shall have effect until substantially similar legislation is passed byeach of the signatories, at which time this compact shall immediately beeffective.
The General Assembly hereby enacts, and the Commonwealth ofVirginia hereby enters into, the Chesapeake Regional Olympic Games Compact withany and all states legally joining therein according to its terms, in the form substantiallyas follows:
CHESAPEAKE REGIONAL OLYMPIC GAMES COMPACT.
Article I.
Purpose and Findings.
A. The purpose of this compact shall be to create a regionalauthority to oversee the conduct of the 2012 Olympic Games, coordinated andmanaged by the local Organizing Committee for the Olympic Games (OCOG), and toassure that the region's guarantees and commitments accepted in conjunctionwith hosting the Olympic Games are fulfilled.
B. The General Assembly finds that:
1. For some time, the State of Maryland (including the City ofBaltimore), the District of Columbia, and the Commonwealth of Virginia, throughthe nonprofit organization known as the Washington/Baltimore Regional 2012Coalition (WBRC 2012), have been actively engaged in national competition towin the U.S. Candidate City designation and, subsequently, the Host Citydesignation and the right to host the 2012 Olympic Games.
2. Hosting the Olympic Games will provide several major,lasting, and unique benefits for all of the citizens of the Chesapeake region,including:
a. Direct, positive economic impact on our regional economy;
b. An opportunity to showcase our region to the world;
c. A catalyst for regional action; and
d. A renewed sense of pride along with a tangible legacy (e.g.new and improved venues and enhanced transportation infrastructure).
3. Independent economic studies show that preparing for andhosting the Olympic Games will have a positive economic impact on the region,including:
a. Direct and indirect spending in excess of $5,000,000,000;
b. The creation of approximately 70,000 jobs;
c. Increased tax revenues resulting from Olympic-relatedeconomic activity in excess of $130,000,000, without raising or creating anynew taxes; and
d. A lasting improvement in the region's competitive positionwithin the travel/tourism industry, as well as the region's ability to attractnew businesses.
4. The citizens of the region have responded positively toWBRC 2012's efforts and solidly embraced the cause to host the Olympic Games,expressed in part by the endorsement of scores of local business, civic,governmental, academic, and amateur sports organizations, and by survey resultsthat show (i) eighty-two percent of the region's residents support the effortto bring the 2012 Olympic Games to this area and (ii) eighty-six percent ofarea residents believe that the Olympic Games will bring substantial economicbenefits to our region.
5. Through the submission of the region's official bidproposal to the United States Olympic Committee (USOC) on December 15, 2000,WBRC 2012 reached a milestone in the process of capturing the Olympic Games byproviding a 631-page logistical, operational, and financial blueprint forhosting the 2012 Games.
6. The bid proposal highlights the great venues and vistasfound in our region and is developed around key principles, including (i)building less, not more and (ii) utilizing mass transit, and (iii) protectingthe environment.
7. In addition to the region's bid proposal, the USOC and theInternational Olympic Committee (IOC) require certain government guarantees andcommitments in conjunction with hosting the 2012 Olympic Games, should ourregion win the U.S. Candidate City designation.
8. Our unique regional approach to winning the right to host theOlympic Games creates the added complication of determining which entities willprovide the necessary guarantees.
9. It is incumbent upon WBRC 2012 and government leaders tomove forward together now to craft the solution that best "livesregionalism" and maximizes the region's chances of winning the 2012Olympic Games, and reaping the many benefits that come with this honor.
10. Given that all four jurisdictions, Virginia, Maryland, theDistrict of Columbia, and Baltimore, will host a significant number of eventsand reap substantial benefits, the most effective solution for all fourjurisdictions is to enter into a single agreement that gives the USOC (andsubsequently the IOC) a single focal point and a united front that reflects theregional nature of our bid.
Article II.
Definitions.
As used in this compact:
"Bid Proposal" means the bid formally submitted byWBRC 2012 to the USOC on December 15, 2000.
"Host City" means the entity that has been selectedby the International Olympic Committee to host the 2012 Olympic Games.
"International Olympic Committee" and"IOC" means the International Olympic Committee, a body corporateunder international law created by the Congress of Paris of 23 June, 1894, andhaving perpetual succession.
"Olympic Games" means any Olympic Games sponsoredand governed by the International Olympic Committee and any other educational,cultural, athletic, or sporting events related or preliminary thereto.
"Organizing Committee for the Olympic Games," and"OCOG" means the Committee formed by WBRC 2012 to organize andconduct the Olympic Games, if WBRC 2012 is selected by the IOC as the host cityin 2005.
"Signatories" means the Commonwealth of Virginia,the State of Maryland, the District of Columbia, and the City of Baltimore.
"U.S. Candidate City" means the entity that hasreceived the United States Olympic Committee's endorsement to submit to the IOCthe sole bid from the United States for the hosting of the 2012 Olympic Games.
"United States Olympic Committee" and"USOC" means the United States Olympic Committee, incorporated by Actof Congress on September 21, 1950, and having perpetual succession.
"WBRC 2012" means Washington/Baltimore Regional 2012Coalition, a not-for-profit corporation organized under the laws of the Stateof Maryland, and its successors.
Article III.
Creation of Regional Authority.
A. The Signatories hereby provide the mechanism for thecreation and termination of the "Chesapeake Regional Olympic GamesAuthority," hereinafter "Regional Authority," which shall be aninstrumentality of the Commonwealth of Virginia, the State of Maryland, theDistrict of Columbia, and the City of Baltimore, and shall have the powers andduties set forth herein, and those additional powers and duties conferred uponit by subsequent actions of the signatories.
B. The Regional Authority shall come into existence by theforce of this compact when and if, and only if, the IOC awards the 2012 OlympicGames in year 2005 to WBRC 2012, as the U.S. Candidate City and the officialrepresentative of the Maryland, Virginia, District of Columbia, Baltimoreregion.
C. The Regional Authority shall, if ever brought intoexistence, cease to exist by the force of this Compact on January 1, 2014,unless extended by substantially similar future legislation passed by each ofthe Signatories.
D. Until such time as the Regional Authority comes intoexistence, the combined signatures of the Governors of Virginia and Maryland,and the Mayors of the District of Columbia and Baltimore, on any and alldocuments necessary and appropriate to the pursuit of the 2012 Olympic Gamesshall be deemed binding on future actions of the Regional Authority.
For the purposes of this subsection, (i) the above referencedsignatures may be on the same document, on separate but materially andsubstantially similar documents, or any combination thereof; and (ii) noindividual signature shall be deemed effective until such time as all fourabove referenced signatures are obtained.
A. The Regional Authority shall be composed of eleven votingmembers, as follows: The State of Maryland shall be entitled to three votingmembers, to be appointed by the Governor of Maryland; the Commonwealth ofVirginia shall be entitled to three voting members, to be appointed by theGovernor of Virginia; the District of Columbia shall be entitled to threevoting members, to be appointed by the Mayor of the District of Columbia; theCity of Baltimore shall be entitled to one voting member, to be appointed bythe Mayor of the City of Baltimore; and the Washington/Baltimore Regional 2012Coalition, a not-for-profit corporation created for the sole purpose ofbringing the Olympic Games to the region, or the OCOG, shall be entitled to onevoting member, to be appointed in a manner consistent with its usual procedure.
B. The Regional Authority shall cause to be formed a RegionalAuthority Advisory Committee, which shall be comprised of representatives(Advisory Members) from each of the local jurisdictions substantially impactedby hosting the Olympic Games in the region, in a manner to be determined by theRegional Authority.
C. Reasonable efforts should be made to ensure thatappointments of voting members and advisory members (i) are residents of theregional community with relevant and useful experience, and with sufficienttime to devote to the duties of the Regional Authority, to help facilitate thesuccessful hosting of the Olympic Games; (ii) reflect the geographicaldiversity inherent in the regional nature of WBRC 2012's bid proposal; and(iii) reflect the cultural, ethnic, and racial diversity inherent in theChesapeake Region.
D. Voting members shall not be compensated for their serviceon the Regional Authority, but shall be entitled to be reimbursed by theRegional Authority for normal and customary expenses incurred in theperformance of their duties.
E. The terms of the voting members of the Regional Authorityshall be two years. Each voting member shall hold office until his successorshall be appointed and duly qualified. Any voting member of the RegionalAuthority may succeed himself. All vacancies in the membership of the votingmembers of the Regional Authority shall be filled in the manner of the originalappointment for remainder of the unexpired term.
F. The Regional Authority shall elect from its membership achair, a vice-chair, a secretary, and a treasurer. Such officers shall servefor such terms as shall be prescribed by resolution of the Regional Authorityor until their successors are elected and qualified. No voting member of theRegional Authority shall hold more than one office on the Regional Authority.
G. Regular meetings of the Regional Authority shall be held onsuch dates and at such time and place as shall be fixed by resolution of theRegional Authority. Special meetings of the Regional Authority may be called byresolution of the authority, by the chairman or vice-chairman, or upon thewritten request of at least three voting members of the Regional Authority.Written notice of all meetings shall be delivered to each voting member, notless than three days prior to the date of the meeting in the case of regularmeetings and not less than twenty-four hours in the case of special meetings.
H. A majority of the voting members of the Regional Authorityshall constitute a quorum. A majority of the quorum is empowered to exerciseall the rights and perform all the duties of the Regional Authority and novacancy on the Regional Authority shall impair the right of such majority toact. If at any meeting there is less than a quorum present, a majority of thosepresent may adjourn the meeting to a fixed time and place, and notice of thetime and place shall be given in accordance with subsection G, provided that ifthe notice period required by subsection G cannot reasonably be complied with,such notice, if any, of such adjourned meeting shall be given as is reasonablypractical.
I. The Regional Authority shall establish rules and regulationsfor its own governance, not inconsistent with this compact.
J. The Regional Authority shall make provision for a system offinancial accounting and controls, audits, and reports. All accounting systemsand records, auditing procedures and standards, and financial reporting shallconform to generally accepted principles of governmental accounting. Allfinancial records, reports, and documents of the Regional Authority shall bepublic records and open to public inspection under reasonable regulations prescribedby the Regional Authority.
The Regional Authority shall designate a fiscal year,establish a system of accounting and financial control, designate the necessaryfunds for complete accountability, and specify the basis of accounting for eachfund. The Regional Authority shall cause to be prepared a financial report onall funds at least quarterly and a comprehensive report on the fiscaloperations and conditions of the Regional Authority annually.
Article V.
Funding of Regional Authority.
A. The OCOG shall provide reasonable funds for the operationof the Regional Authority and the conduct of its business in accordance withthe provisions of this compact.
B. For the purposes of this article, payment of any insurancepremiums incurred by the Regional Authority under the authority granted to itby Article VI shall not be considered operations funds referred to insubsection A. The OCOG shall pay only such insurance premiums as arereasonable.
C. The OCOG shall not be responsible for any financialliability that the Regional Authority may incur under Article VI.
D. The Regional Authority shall submit to the OCOG a plannedbudget for the Regional Authority's next fiscal year, adopted consistent withArticle IV, no less than ninety days before the beginning of the next fiscalyear.
Article VI.
Regional Authority Oversight of Organizing Committee of theOlympic Games; Additional Powers.
A. The Regional Authority, in recognition of its oversightresponsibility over the OCOG, shall have access to (i) the quarterly financialstatements of the OCOG, (ii) the annual business plans of the OCOG, and (iii)all other OCOG documents necessary to achieve its oversight purpose.
B. The Regional Authority shall have the power to enforce OCOGbudgetary and planning changes when review by the Regional Authority of theOCOG financial statements, annual business plans, or other documentscontemplated in this article suggests (i) economic shortfalls that wouldpossibly trigger the Regional Authority's liability outlined in this article;or (ii) the OCOG fails to host the Olympic Games in a manner that would satisfythe requirements of the USOC or the IOC; and such changes are supported by amajority of the voting members of the Regional Authority, notwithstanding thequorum requirements of Article IV.
C. The Regional Authority, in recognition of its duties asoverseer of the OCOG, shall:
1. Be bound by the terms of, cause the OCOG to perform, andguaranty performance of the OCOG's obligations under all documents necessaryand appropriate to the pursuit of the Olympic Games;
2. Certify the OCOG's performance of such obligations asrequested by the USOC from time to time;
3. Accept liability for the OCOG, if any, as far as requiredby all documents necessary and appropriate to the pursuit and hosting of theOlympic Games; and
4. Accept liability, if any, with the OCOG, for any financialdeficit of the OCOG, or the Olympic Games, as follows:
a. The OCOG shall be responsible for any amount up totwenty-five million dollars;
b. The Regional Authority shall be liable for any amount inexcess of twenty-five million dollars, but not to exceed an additional $175million; and
c. Except as set forth in existing applicable law, the OCOGand the Regional Authority shall not be limited in their choice of fundingsources for covering possible financial losses, including but not limited tothe purchase of insurance, if commercially available and reasonably priced.
D. The Regional Authority, in its financial oversight and safeguardrole, shall ensure that no legacy programs, funds, or accounts shall be fundedfrom any of the proceeds of the 2012 Olympic Games until all budgetary andoperational financial obligations of the OCOG and the Regional Authority forhosting the Olympic Games are first met; and that no liability for anyfinancial deficit resulting from the 2012 Olympic Games shall accrue to theRegional Authority (or the Signatories) until all budgetary and/or operationalfinancial surpluses of the OCOG, if any, are applied to all outstandingfinancial obligations of OCOG and the Regional Authority, if any, accruedexclusively in connection with hosting the Olympic Games.
E. The Regional Authority, in order to facilitate itsoversight responsibility over the OCOG, shall have the additional powers to:
1. Sue and be sued in contract and in tort;
2. Complain and defend in all courts;
3. Implead and be impleaded;
4. Enter into contracts;
5. Hire appropriate staff; and
6. Exercise any additional powers granted to it by subsequentlegislation.
Article VII.
Indemnification.
A. Any liability incurred by the Regional Authority, notcovered by insurance under Article VI, shall be further indemnified by thesignatories to this compact, in proportion to the relative economic benefitcurrently expected to accrue to each signatory from hosting the Olympic Games,as follows:
1. The State of Maryland shall be liable for fifty-threepercent;
2. The Commonwealth of Virginia shall be liable for nineteenpercent; and
3. The District of Columbia shall be liable for twenty-eightpercent.
B. Each of the signatories to this compact may provide for itsshare of any possible liability in any manner it may choose, as befits eachsignatory's independent commitment.
Article VIII.
Commitments of Signatories.
As appropriate to its individual jurisdiction and specificrole in hosting the 2012 Olympic Games, each Signatory agrees to:
1. Ensure that necessary facilities are built andtransportation infrastructure improvements take place, including governmentfunding as appropriate;
2. Provide access to existing state/city-controlled facilitiesand other important resources as specified in WBRC 2012's bid proposal, inaccordance with applicable law and contractual obligations; and
3. Provide adequate security, fire protection and othergovernment-related services at a reasonable cost to ensure for the safe andorderly operation of the Olympic Games.
Article IX.
Compliance With Local Law.
The Regional Authority shall make every effort to comply withthe local laws of each of the Signatories to this compact, regardingdisclosure, appointment, and open meetings.
Article X.
Effective Dates.
None of the duties or responsibilities encompassed in thiscompact shall have effect until substantially similar legislation is passed byeach of the signatories, at which time this compact shall immediately beeffective.
The General Assembly hereby enacts, and the Commonwealth ofVirginia hereby enters into, the Chesapeake Regional Olympic Games Compact withany and all states legally joining therein according to its terms, in the form substantiallyas follows:
CHESAPEAKE REGIONAL OLYMPIC GAMES COMPACT.
Article I.
Purpose and Findings.
A. The purpose of this compact shall be to create a regionalauthority to oversee the conduct of the 2012 Olympic Games, coordinated andmanaged by the local Organizing Committee for the Olympic Games (OCOG), and toassure that the region's guarantees and commitments accepted in conjunctionwith hosting the Olympic Games are fulfilled.
B. The General Assembly finds that:
1. For some time, the State of Maryland (including the City ofBaltimore), the District of Columbia, and the Commonwealth of Virginia, throughthe nonprofit organization known as the Washington/Baltimore Regional 2012Coalition (WBRC 2012), have been actively engaged in national competition towin the U.S. Candidate City designation and, subsequently, the Host Citydesignation and the right to host the 2012 Olympic Games.
2. Hosting the Olympic Games will provide several major,lasting, and unique benefits for all of the citizens of the Chesapeake region,including:
a. Direct, positive economic impact on our regional economy;
b. An opportunity to showcase our region to the world;
c. A catalyst for regional action; and
d. A renewed sense of pride along with a tangible legacy (e.g.new and improved venues and enhanced transportation infrastructure).
3. Independent economic studies show that preparing for andhosting the Olympic Games will have a positive economic impact on the region,including:
a. Direct and indirect spending in excess of $5,000,000,000;
b. The creation of approximately 70,000 jobs;
c. Increased tax revenues resulting from Olympic-relatedeconomic activity in excess of $130,000,000, without raising or creating anynew taxes; and
d. A lasting improvement in the region's competitive positionwithin the travel/tourism industry, as well as the region's ability to attractnew businesses.
4. The citizens of the region have responded positively toWBRC 2012's efforts and solidly embraced the cause to host the Olympic Games,expressed in part by the endorsement of scores of local business, civic,governmental, academic, and amateur sports organizations, and by survey resultsthat show (i) eighty-two percent of the region's residents support the effortto bring the 2012 Olympic Games to this area and (ii) eighty-six percent ofarea residents believe that the Olympic Games will bring substantial economicbenefits to our region.
5. Through the submission of the region's official bidproposal to the United States Olympic Committee (USOC) on December 15, 2000,WBRC 2012 reached a milestone in the process of capturing the Olympic Games byproviding a 631-page logistical, operational, and financial blueprint forhosting the 2012 Games.
6. The bid proposal highlights the great venues and vistasfound in our region and is developed around key principles, including (i)building less, not more and (ii) utilizing mass transit, and (iii) protectingthe environment.
7. In addition to the region's bid proposal, the USOC and theInternational Olympic Committee (IOC) require certain government guarantees andcommitments in conjunction with hosting the 2012 Olympic Games, should ourregion win the U.S. Candidate City designation.
8. Our unique regional approach to winning the right to host theOlympic Games creates the added complication of determining which entities willprovide the necessary guarantees.
9. It is incumbent upon WBRC 2012 and government leaders tomove forward together now to craft the solution that best "livesregionalism" and maximizes the region's chances of winning the 2012Olympic Games, and reaping the many benefits that come with this honor.
10. Given that all four jurisdictions, Virginia, Maryland, theDistrict of Columbia, and Baltimore, will host a significant number of eventsand reap substantial benefits, the most effective solution for all fourjurisdictions is to enter into a single agreement that gives the USOC (andsubsequently the IOC) a single focal point and a united front that reflects theregional nature of our bid.
Article II.
Definitions.
As used in this compact:
"Bid Proposal" means the bid formally submitted byWBRC 2012 to the USOC on December 15, 2000.
"Host City" means the entity that has been selectedby the International Olympic Committee to host the 2012 Olympic Games.
"International Olympic Committee" and"IOC" means the International Olympic Committee, a body corporateunder international law created by the Congress of Paris of 23 June, 1894, andhaving perpetual succession.
"Olympic Games" means any Olympic Games sponsoredand governed by the International Olympic Committee and any other educational,cultural, athletic, or sporting events related or preliminary thereto.
"Organizing Committee for the Olympic Games," and"OCOG" means the Committee formed by WBRC 2012 to organize andconduct the Olympic Games, if WBRC 2012 is selected by the IOC as the host cityin 2005.
"Signatories" means the Commonwealth of Virginia,the State of Maryland, the District of Columbia, and the City of Baltimore.
"U.S. Candidate City" means the entity that hasreceived the United States Olympic Committee's endorsement to submit to the IOCthe sole bid from the United States for the hosting of the 2012 Olympic Games.
"United States Olympic Committee" and"USOC" means the United States Olympic Committee, incorporated by Actof Congress on September 21, 1950, and having perpetual succession.
"WBRC 2012" means Washington/Baltimore Regional 2012Coalition, a not-for-profit corporation organized under the laws of the Stateof Maryland, and its successors.
Article III.
Creation of Regional Authority.
A. The Signatories hereby provide the mechanism for thecreation and termination of the "Chesapeake Regional Olympic GamesAuthority," hereinafter "Regional Authority," which shall be aninstrumentality of the Commonwealth of Virginia, the State of Maryland, theDistrict of Columbia, and the City of Baltimore, and shall have the powers andduties set forth herein, and those additional powers and duties conferred uponit by subsequent actions of the signatories.
B. The Regional Authority shall come into existence by theforce of this compact when and if, and only if, the IOC awards the 2012 OlympicGames in year 2005 to WBRC 2012, as the U.S. Candidate City and the officialrepresentative of the Maryland, Virginia, District of Columbia, Baltimoreregion.
C. The Regional Authority shall, if ever brought intoexistence, cease to exist by the force of this Compact on January 1, 2014,unless extended by substantially similar future legislation passed by each ofthe Signatories.
D. Until such time as the Regional Authority comes intoexistence, the combined signatures of the Governors of Virginia and Maryland,and the Mayors of the District of Columbia and Baltimore, on any and alldocuments necessary and appropriate to the pursuit of the 2012 Olympic Gamesshall be deemed binding on future actions of the Regional Authority.
For the purposes of this subsection, (i) the above referencedsignatures may be on the same document, on separate but materially andsubstantially similar documents, or any combination thereof; and (ii) noindividual signature shall be deemed effective until such time as all fourabove referenced signatures are obtained.
A. The Regional Authority shall be composed of eleven votingmembers, as follows: The State of Maryland shall be entitled to three votingmembers, to be appointed by the Governor of Maryland; the Commonwealth ofVirginia shall be entitled to three voting members, to be appointed by theGovernor of Virginia; the District of Columbia shall be entitled to threevoting members, to be appointed by the Mayor of the District of Columbia; theCity of Baltimore shall be entitled to one voting member, to be appointed bythe Mayor of the City of Baltimore; and the Washington/Baltimore Regional 2012Coalition, a not-for-profit corporation created for the sole purpose ofbringing the Olympic Games to the region, or the OCOG, shall be entitled to onevoting member, to be appointed in a manner consistent with its usual procedure.
B. The Regional Authority shall cause to be formed a RegionalAuthority Advisory Committee, which shall be comprised of representatives(Advisory Members) from each of the local jurisdictions substantially impactedby hosting the Olympic Games in the region, in a manner to be determined by theRegional Authority.
C. Reasonable efforts should be made to ensure thatappointments of voting members and advisory members (i) are residents of theregional community with relevant and useful experience, and with sufficienttime to devote to the duties of the Regional Authority, to help facilitate thesuccessful hosting of the Olympic Games; (ii) reflect the geographicaldiversity inherent in the regional nature of WBRC 2012's bid proposal; and(iii) reflect the cultural, ethnic, and racial diversity inherent in theChesapeake Region.
D. Voting members shall not be compensated for their serviceon the Regional Authority, but shall be entitled to be reimbursed by theRegional Authority for normal and customary expenses incurred in theperformance of their duties.
E. The terms of the voting members of the Regional Authorityshall be two years. Each voting member shall hold office until his successorshall be appointed and duly qualified. Any voting member of the RegionalAuthority may succeed himself. All vacancies in the membership of the votingmembers of the Regional Authority shall be filled in the manner of the originalappointment for remainder of the unexpired term.
F. The Regional Authority shall elect from its membership achair, a vice-chair, a secretary, and a treasurer. Such officers shall servefor such terms as shall be prescribed by resolution of the Regional Authorityor until their successors are elected and qualified. No voting member of theRegional Authority shall hold more than one office on the Regional Authority.
G. Regular meetings of the Regional Authority shall be held onsuch dates and at such time and place as shall be fixed by resolution of theRegional Authority. Special meetings of the Regional Authority may be called byresolution of the authority, by the chairman or vice-chairman, or upon thewritten request of at least three voting members of the Regional Authority.Written notice of all meetings shall be delivered to each voting member, notless than three days prior to the date of the meeting in the case of regularmeetings and not less than twenty-four hours in the case of special meetings.
H. A majority of the voting members of the Regional Authorityshall constitute a quorum. A majority of the quorum is empowered to exerciseall the rights and perform all the duties of the Regional Authority and novacancy on the Regional Authority shall impair the right of such majority toact. If at any meeting there is less than a quorum present, a majority of thosepresent may adjourn the meeting to a fixed time and place, and notice of thetime and place shall be given in accordance with subsection G, provided that ifthe notice period required by subsection G cannot reasonably be complied with,such notice, if any, of such adjourned meeting shall be given as is reasonablypractical.
I. The Regional Authority shall establish rules and regulationsfor its own governance, not inconsistent with this compact.
J. The Regional Authority shall make provision for a system offinancial accounting and controls, audits, and reports. All accounting systemsand records, auditing procedures and standards, and financial reporting shallconform to generally accepted principles of governmental accounting. Allfinancial records, reports, and documents of the Regional Authority shall bepublic records and open to public inspection under reasonable regulations prescribedby the Regional Authority.
The Regional Authority shall designate a fiscal year,establish a system of accounting and financial control, designate the necessaryfunds for complete accountability, and specify the basis of accounting for eachfund. The Regional Authority shall cause to be prepared a financial report onall funds at least quarterly and a comprehensive report on the fiscaloperations and conditions of the Regional Authority annually.
Article V.
Funding of Regional Authority.
A. The OCOG shall provide reasonable funds for the operationof the Regional Authority and the conduct of its business in accordance withthe provisions of this compact.
B. For the purposes of this article, payment of any insurancepremiums incurred by the Regional Authority under the authority granted to itby Article VI shall not be considered operations funds referred to insubsection A. The OCOG shall pay only such insurance premiums as arereasonable.
C. The OCOG shall not be responsible for any financialliability that the Regional Authority may incur under Article VI.
D. The Regional Authority shall submit to the OCOG a plannedbudget for the Regional Authority's next fiscal year, adopted consistent withArticle IV, no less than ninety days before the beginning of the next fiscalyear.
Article VI.
Regional Authority Oversight of Organizing Committee of theOlympic Games; Additional Powers.
A. The Regional Authority, in recognition of its oversightresponsibility over the OCOG, shall have access to (i) the quarterly financialstatements of the OCOG, (ii) the annual business plans of the OCOG, and (iii)all other OCOG documents necessary to achieve its oversight purpose.
B. The Regional Authority shall have the power to enforce OCOGbudgetary and planning changes when review by the Regional Authority of theOCOG financial statements, annual business plans, or other documentscontemplated in this article suggests (i) economic shortfalls that wouldpossibly trigger the Regional Authority's liability outlined in this article;or (ii) the OCOG fails to host the Olympic Games in a manner that would satisfythe requirements of the USOC or the IOC; and such changes are supported by amajority of the voting members of the Regional Authority, notwithstanding thequorum requirements of Article IV.
C. The Regional Authority, in recognition of its duties asoverseer of the OCOG, shall:
1. Be bound by the terms of, cause the OCOG to perform, andguaranty performance of the OCOG's obligations under all documents necessaryand appropriate to the pursuit of the Olympic Games;
2. Certify the OCOG's performance of such obligations asrequested by the USOC from time to time;
3. Accept liability for the OCOG, if any, as far as requiredby all documents necessary and appropriate to the pursuit and hosting of theOlympic Games; and
4. Accept liability, if any, with the OCOG, for any financialdeficit of the OCOG, or the Olympic Games, as follows:
a. The OCOG shall be responsible for any amount up totwenty-five million dollars;
b. The Regional Authority shall be liable for any amount inexcess of twenty-five million dollars, but not to exceed an additional $175million; and
c. Except as set forth in existing applicable law, the OCOGand the Regional Authority shall not be limited in their choice of fundingsources for covering possible financial losses, including but not limited tothe purchase of insurance, if commercially available and reasonably priced.
D. The Regional Authority, in its financial oversight and safeguardrole, shall ensure that no legacy programs, funds, or accounts shall be fundedfrom any of the proceeds of the 2012 Olympic Games until all budgetary andoperational financial obligations of the OCOG and the Regional Authority forhosting the Olympic Games are first met; and that no liability for anyfinancial deficit resulting from the 2012 Olympic Games shall accrue to theRegional Authority (or the Signatories) until all budgetary and/or operationalfinancial surpluses of the OCOG, if any, are applied to all outstandingfinancial obligations of OCOG and the Regional Authority, if any, accruedexclusively in connection with hosting the Olympic Games.
E. The Regional Authority, in order to facilitate itsoversight responsibility over the OCOG, shall have the additional powers to:
1. Sue and be sued in contract and in tort;
2. Complain and defend in all courts;
3. Implead and be impleaded;
4. Enter into contracts;
5. Hire appropriate staff; and
6. Exercise any additional powers granted to it by subsequentlegislation.
Article VII.
Indemnification.
A. Any liability incurred by the Regional Authority, notcovered by insurance under Article VI, shall be further indemnified by thesignatories to this compact, in proportion to the relative economic benefitcurrently expected to accrue to each signatory from hosting the Olympic Games,as follows:
1. The State of Maryland shall be liable for fifty-threepercent;
2. The Commonwealth of Virginia shall be liable for nineteenpercent; and
3. The District of Columbia shall be liable for twenty-eightpercent.
B. Each of the signatories to this compact may provide for itsshare of any possible liability in any manner it may choose, as befits eachsignatory's independent commitment.
Article VIII.
Commitments of Signatories.
As appropriate to its individual jurisdiction and specificrole in hosting the 2012 Olympic Games, each Signatory agrees to:
1. Ensure that necessary facilities are built andtransportation infrastructure improvements take place, including governmentfunding as appropriate;
2. Provide access to existing state/city-controlled facilitiesand other important resources as specified in WBRC 2012's bid proposal, inaccordance with applicable law and contractual obligations; and
3. Provide adequate security, fire protection and othergovernment-related services at a reasonable cost to ensure for the safe andorderly operation of the Olympic Games.
Article IX.
Compliance With Local Law.
The Regional Authority shall make every effort to comply withthe local laws of each of the Signatories to this compact, regardingdisclosure, appointment, and open meetings.
Article X.
Effective Dates.
None of the duties or responsibilities encompassed in thiscompact shall have effect until substantially similar legislation is passed byeach of the signatories, at which time this compact shall immediately beeffective.
