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Securities & Financial News to Note : Bulletin - February 6, 2012

This bulletin is published every other week on Monday and is disseminated via electronic mail. It features brief summaries of current legal developments in the SEC/corporate, accounting/tax, banking, litigation, as well as other business and financial service areas when appropriate.

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Construction: Alert - January 30, 2012

For almost 50 years, lessors have had the ability to limit their liability for liens that arose from improvements to the leasehold made by a lessee. However, in the most recent legislative session, the Florida Legislature enacted revisions to Florida Statute § 713.10 that provide a potential pitfall for lessors by inserting a provision that may allow a contractor to lien the lessor's interest even where there is a recorded document advising of the limitation of liens.

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Political Law
Alert - April 10, 2009
 
Illinois Governor Pat Quinn Rescinds Former Governor’s Executive Order 3 Altering State Pay-to-Play Regulations
 
 April 10, 2009
 
Christopher "Chris" DeLacy- Washington
Jonathan E. "Jon" Furr- Chicago
Joel Edward Roberson - Washington

On Friday, April 3, 2009, Illinois Governor Pat Quinn issued Executive Order 9 (2009) rescinding former Governor Rod Blagojevich’s Executive Order 3 (2008). Former Governor Blagojevich’s Executive Order 3 created state pay-to-play regulations that were, in many cases, duplicative of the pay-to-play law enacted by the Illinois legislature in 2008 over the governor’s veto (Public Act 095-0971). Executive Order 9 does not affect the pay-to-play law enacted by the Illinois legislature. Governor Quinn explained that his intent was to resolve the “uncertainty and confusion regarding the scope of Executive Order Number 3 and its relationship to Public Act 095-0971.”

Illinois law continues to require business entities that seek or hold Illinois state contracts that, in the aggregate, total more than $50,000 to register with the State Board of Election and prohibits these businesses and affiliated parties from contributing to executive branch officers responsible for awarding state contracts. As a result of Executive Order 9 (2009), Illinois law no longer prohibits contributions by registered business entities and affiliated parties to members of the Illinois General Assembly and no longer prohibits contributions by these parties to all executive branch officers, but rather only those officers who are “responsible” for awarding the contracts the business seeks or holds. Click here to view a copy of Executive Order 9.

Additionally, Governor Quinn created the Illinois Reform Commission to evaluate the need for additional “pay-to-play” regulations and develop legislative recommendations by April 27, 2009. Click here to monitor progress by the Illinois Reform Commission.

For more information, contact:

Christopher DeLacy
202.457.7162
chris.delacy@hklaw.com

Jonathan E. Furr
312.422.9018
jonathan.furr@hklaw.com

Joel Roberson
202.663.7264
joel.roberson@hklaw.com

toll free: 1.888.688.8500

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