Even though "experts" are saying that Chicago will be the US city that the USOC will choose to represent the USA as host city nominee for the 2016 Summer Games, today the California State Senate approved a quarter-billion dollar guarantee if LA does get the nod. From an excited LA2016 press release:
The California State Senate today voted overwhelmingly in favor of AB300, previously approved 65-1 by the State Assembly, which authorizes $250 million as a guarantee to the operation of a 2016 Olympic Games in Los Angeles. The State guarantee, which is expected to be signed by the Governor as early as this afternoon, will now officially join the City guarantee approved by the Los Angeles City Council 11-0 on March 30. Both bills authorize the Governor and the Mayor, respectively, to sign the Undertakings required by the United States Olympic Committee (USOC) to qualify to be the bid city for the 2016 Games. The City and State guarantees total $500 million.
City, State, and LA 2016 bid leaders continue to express complete confidence in the financial success of a Los Angeles 2016 Olympic Games. The USOC will announce their decision on Saturday, April 14.