Politicians, however, remain confident that the money will not be required. 

“The $250 million appears to be a large sum of money, but the bid is structured in a way that ensures profitability in the 2024 Olympic Games,” Senate President Pro Tem Kevin de León, who had introduced the Bill, told the Los Angeles Times afterwards. 

De León claimed that no major new construction is planned if Los Angeles is awarded the Olympics for a third time and the city is first in line to cover $250 million in costs.

Los Angeles Mayor Eric Garcetti has consistently claimed that the city will host a Games that will be profitable.

The city made a surplus of $225 million (£155 million/€200 million) on the last occasion they hosted the Olympics in 1984.

The vote was 35 to 1 to approve the Bill and send it to the Assembly for consideration.

Andy Vidak was the Senator who voted against the Bill. 

“This quarter-billion-dollar credit line gives gold to the L.A. City Council so that SoCal politicians can play big shots at the 2024 Olympics,” Vidak said in a statement.

Los Angeles, along with Budapest, Paris and Rome, was yesterday officially put forward here by the International Olympic Committee's ruling Executive Board into the second stage of the Candidature process.

“LA 2024 is honored to be part of the IOC’s Candidature Process and to be progressing to the next stage equipped with all the support and insightful feedback we have received from the IOC and the Olympic Family over the last four months," said Los Angeles 2024 chairman Casey Wasserman.

“Los Angeles’ invitation to 'Follow the Sun" isn't only about our ideal, Olympic weather.

"It's an invitation to harness LA's unique and inherent culture of creativity, innovation and entertainment for the good of both the Games and the Olympic Movement.

"The IOC’s new consultative approach to the bid process is really helping us bring out the best in our city, and with our vast array of existing sports facilities, LA only has to build one new permanent venue for the Games.

"This means we can focus our energy and resources on creating the best Games experience for the athletes, while ensuring a viable sustainable legacy for future Angelenos - just like we did for the LA84 Games.

“LA is a city that is constantly imagining what’s next and transforming itself for the future, and our bid for the Games is generating great excitement in California and beyond.

"With public polls showing support from 88% of Angelenos, along with a 15-0 vote to proceed from the City Council, President Obama’s enthusiastic endorsement and a bipartisan resolution moving through Congress, it is clear that we are not the only ones who are delighted to be involved in this most prestigious of races.”