Passage of this resolution will result in the State replacing a first position security interest on the last $100,000,000 of television revenues with a second position security interest on all Olympic Revenues. However, the provisions of the resolution allow for the state to have a first position on $100,000,000 of revenues not pledged to a lending institution. Any fiscal impact would be contingent on the Salt Lake Olympic Organizing Committee (SLOOC) having sufficient revenues to retire all first and second position security interests. The provisions also allow for the purchase of the Winter Sports Facility by the SLOOC to occur prior to the original April 15, 1999 date.

Office of the Legislative Fiscal Analyst

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