160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! SACRAMENTO – Lawmakers have approved legislation that would authorize up to $250 million to underwrite the 2016 Summer Olympic Games if Los Angeles is the host city. The bill, introduced by Assembly Speaker Fabian Nuñez, D-Los Angeles, was approved Monday by the Senate on a 30-2 vote. It passed the Assembly, 65-0, on March 29. The measure would allow Gov. Arnold Schwarzenegger to sign an agreement making the state jointly liable with Los Angeles for any deficit that might be created by the Olympics, but limiting the state’s potential share to $250 million. The U.S. Olympic Committee is scheduled to meet Saturday to decide whether Los Angeles or Chicago should be the United States’ candidate to host the games.