The Games Agreement had already been given the green light by a City Council Ad-Hoc Committee and was approved today by 11 votes to two.

Only Mike Bonin and Nithya Raman, both Democrats, voted against, having previously also opposed entering a security cooperative for the event.

The agreement covers the use of city resources and reimbursement of costs, legacy plans, the creation of jobs for Los Angeles residents, sustainability and transport.

Its passing has been hailed as a "great milestone in LA28’s partnership with the City of Los Angeles" by Los Angeles 2028 chairperson Casey Wasserman.

"We are very pleased to have a final Games Agreement and are grateful to our City partners for working together to set a path for an Olympic and Paralympic Games and legacy we all can be proud of," Wasserman added. 

"We’re preparing to host an incredible and unprecedented Games in Los Angeles, a city that already comes with amazing stadiums, venues and universities, incredible civic locations and a built-in fanbase that make the LA28 Games truly unique."

The agreement crucially states that Los Angeles 2028 may request the city "provide enhanced City resources that exceed normal and customary levels".

The Organising Committee would reimburse the City of Los Angeles in such instances, the document claims.

It also requires the Organising Committee to take out insurance covering "natural disasters, communicable diseases, terrorism, civil unrest, cyber-attacks, event cancellation, and coverage for reduced ticket sales and other revenue losses should the events become less appealing".

A contingency fund of $270 million (£203 million/€241 million) must be established by Los Angeles 2028 should the event run over budget.

That money cannot be used without the blessing of the city.

The City of Los Angeles is already on the hook for the first $270 million should the Games run over budget after that "Allocated Contingency".

California taxpayers will contribute up to $270 million after that, owing to Assembly Bill 132 which was passed in 2017.

Those who opposed the Games Agreement, including labour union Unite Here Local 11, have claimed that this provides "little reassurance" over potential budget overruns.

Unite Here Local 11 also criticised the Games Agreement for its lack of guarantees on jobs and addressing Los Angeles' homelessness crisis. 

"Los Angeles is ready to host the Olympic and Paralympic Games, and 2028 is an incredible opportunity to build a lasting community legacy that begins now, and continues benefiting our city for years," outgoing Mayor Eric Garcetti claimed.

"This Games Agreement lays out a framework for LA28, the City, and partners to develop these opportunities with strong oversight to protect the City from financial risk, and I am pleased that the City Council has passed it."

Los Angeles has staged the Olympics twice before - in 1932 and 1984 - and 2028 organisers have cited the use of existing venues as evidence of the sustainability of their Games plan.

Wasserman claimed earlier this month that the Organising Committee has already secured "well over" 50 per cent of its revenue target.