State pledges millions for Olympics in L.A.

Gov. Arnold Schwarzenegger signed legislation Tuesday allowing the state to cover up to $250 million in cost overruns for the 2016 summer Olympics if Los Angeles wins the games.

The measure fulfills the International Olympic Committee’s requirement that $500 million be available for potential cost overruns. The Los Angeles City Council pledged the other $250 million last month.

Los Angeles is competing against Chicago to be the United States’ choice to hold the games. On Saturday, the U.S. Olympic Committee will choose a city; the international committee will make the final selection from all the nations’ nominees in 2009.