- Associated Press - Friday, March 18, 2016

LOS ANGELES (AP) - The leader of the California Senate has introduced a proposal that would provide a $250 million financial backup as part of Los Angeles’ 2024 Olympic bid, officials said Friday.

A bill introduced by Senate President Pro Tem Kevin de Leon, D-Los Angeles, would establish an “Olympic Games Trust Fund” that could be used to cover cost overruns or liability resulting from the Games, up to that level.

City analysts said in a report that the state guarantee would be consistent with the prior practice for cities that bid on the Olympics.

LA is competing with Paris, Rome and Budapest, Hungary, for the 2024 Games. The International Olympic Committee will select the host city in September 2017.

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

As part of the bid, the city must agree to a contract that essentially sticks the city and state - not the IOC - with any cost overruns.

Mayor Eric Garcetti has said Los Angeles, home to the Olympics in 1932 and 1984, would stage games that are both spectacular and profitable.

The city’s 2024 plan calls for staging events from volleyball on Santa Monica Beach to mountain biking in the Santa Monica Mountains. As was the case in 1932 and 1984, the Los Angeles Memorial Coliseum would serve as the centerpiece of the games.

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