The City of Vancouver will get the hundreds of millions of dollars it says it needs to ensure its $1-billion waterfront 2010 Olympics athletes village project stays afloat.

The B.C. Liberal government tabled legislation Saturday that allows the City of Vancouver to borrow money it says it desperately needs to keep the project on solid ground.

The legislation was expected to be passed unanimously, but that didn't stop the Opposition New Democrats from launching an attack on Premier Gordon Campbell's handling of the Olympics, especially the costs of the 2010 Games in Vancouver and Whistler.

Earlier reports have indicated Vancouver wants to borrow more than $450 million to cover financial problems with the project related to developers and the U.S. credit crisis.

The city is renegotiating a $750-million loan between itself, the developer of the village and a U.S. lender, but will need the loan if those negotiations fail.

Opposition finance critic Bruce Ralston said the legislation could also allow Vancouver to borrow money to buy out the original financial deal, at what would likely be a lower interest rate.

Opposition Leader Carole James called the legislation a blank cheque, because it doesn't include any dollar amounts.

Still, she said the New Democrats will ultimately vote in favour of the legislation, although not before taking a few pointed shots at the government's lack of openness when it comes to the cost of hosting the games.

James suggested the New Democrats will attempt to extend the debate deep into Saturday night.

"The NDP intends to support Bill 47," said James. "But unlike the government, we don't believe that that support comes at the cost of scrutiny."

James said the New Democrats want B.C.'s auditor general to be given full authority to handle what the party calls "the true costs of the Games."

B.C. auditor general John Doyle said in a report last year that two previous auditors general had raised concerns about the government's accounting for the Games.

The province says British Columbia's cost of hosting the Olympics is about $600 million, but that estimate does not include upgrades to the Sea-to-Sky Highway from Vancouver to Whistler or other major infrastructure projects associated with the Olympics.

Security costs for the Games have also not been tallied, but the government now says they will be more than the original estimate of $175 million.

"The reasons for Bill 47, for its introduction in this chamber today, are deeply troubling, deeply concerning to every British Columbian," said James.

"Tell the public the real cost of the Olympics. These aren't Gordon Campbell dollars, these are our dollars."

Campbell entered the legislature saying the time to discuss issues associated with the Vancouver athletes village project should come at a later date.

The current issue, he said, is helping the city with a project that is destined to provide future benefits.

"I have confidence that the city's going to deliver this," said Campbell.

"I have confidence the village is going to be there. I also think there's times when we have to work in partnership, clearly with the city," he added.

"The city has asked for this unanimously and we think that they have the tools to do this. We have to give them the tools they need to do that."

The legislation allows Vancouver to borrow money without going to voters with a referendum, a measure city councillors requested in a vote last week.

Finance Minister Colin Hansen said the bill won't amount to a government bailout.

"The sooner they get the change, the less risk to the taxpayers of the City of Vancouver," he said.

Community Development Minister Blair Lekstrom, who introduced the bill, said Vancouver first contacted the government about loan legislation on Jan. 5, when officials approached Campbell.

"The city did not ask for a bailout," he said. "It asked for this legislation on an urgent basis."

Lekstrom called the athletes village project a bright light for Vancouver's waterfront.

"The athletes village is just the beginning of that vision," he said.

Opposition deputy house leader Adrian Dix said the City of Vancouver is paying $87,000 a day for every day the loan request is delayed.

The City of Vancouver plans to sell the Olympic village condos following the Olympics to recoup its investment, but worldwide recession has caused housing prices to drop.

With files from The Canadian Press