New York State Senator John A. DeFrancisco announced that the Senate passed his legislation today (S6471), which would expand Onondaga County’s foreign trade zone to include Cayuga, Oswego, and Madison counties.
Imports and exports are a major source of growth for Central New York, and the expansion would permit existing businesses to expand distribution and increase international trade.
State Senator John A. DeFrancisco announced that the New York Senate passed legislation today, May 15, 2012, which would give state agencies the authority to determine whether a letter of credit is needed for a state contract, and would limit the amount of the letter of credit to 3 percent of the total contract award.
“A three percent cap on a letter of credit would help small and medium-sized businesses, because a letter of credit requirement adversely impacts a company’s ability to secure a loan, and it ties up resources that a company needs for operating expenses and growth,” said Senator DeFrancisco.
State Senator John A. DeFrancisco participated in the hearing titled, "Fiscally Distressed Municipalities: Preparing for and Preventing Municipal Bankruptcy in New York," which was held by Senator Jack M. Martins of Mineola. The hearing took place at Syracuse City Hall on August 20, 2013, and was held to hear potential solutions for preventing fiscal problems in municipalities. The hearing in Syracuse was one of several that are being held throughout the state.