Ill. Senate approves Olympics guarantee

SPRINGFIELD -- The Illinois Senate has voted a $250 million guarantee for the 2016 Olympics in a bid to boost the city's efforts to land the games.

The Illinois House has already voted to pledge the funds for any potential losses that may incur if Chicago hosts the 2016 Olympic Games. The bill now awaits Gov. Patrick Quinn's signature.

Sen. Kwame Raoul (D-Chicago), the lead Senate sponsor of the Olympics funding guarantee, said the measure means Chicago will compete for the Olympics on an equal basis with the other bid cities.

Chicago has pledged $500 million in guarantees to boost Chicago's chances against Madrid, Rio De Janeiro and Tokyo.

Members of an International Olympic Committee team arrive next month to scrutinize Chicago's suitability to host the 2016 Games.