(b) By December first, two thousand five the local organizing committee shall use its reasonable best efforts to provide adequate security, acceptable to the state to demonstrate the local organizing committee's ability to indemnify and insure the first twenty-five million dollars of any net financial deficit resulting from the conduct of the games for which the endorsing municipality and state would be liable under a games support contract. Such security may be provided through the establishment of an internal guaranty fund, insurance coverage, letters of credit, or other acceptable security instruments, or by any combination thereof. Any such security shall identify the endorsing municipality and the state as additional insureds.
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