legal opinion

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Legal opinion

A statement, usually written by a specialized law firm, required for a new municipal bond issue stating that the issue is legally acceptable.

Legal Opinion

An opinion by a lawyer or other qualified professional stating that a proposed municipal bond complies with all legal requirements and regulations. It also states whether or not the issue as structured will be exempt from federal taxes. Most municipal bonds are required to have legal opinions before issue.

legal opinion

The statement of a bond counsel that a municipal bond issue is legal under the laws and restrictions of the issuing jurisdiction, and which indicates whether interest on the bonds is exempt from federal income taxes. A legal opinion is generally necessary to bring an issue to market. See also ex-legal.
References in periodicals archive ?
It's also true that the NCUA retained the services of Paul Hastings and paid the law firm $150,000 to render, in my view as a former member of legal opinion committees of large law firms, a very weak opinion," he said.
The committees believe that the report is a major step forward in the guidance available regarding third-party legal opinions in Florida and will be a great benefit to business lawyers in our state," said Philip B.
The documents, which indicate that none of the parties has changed its stance since the original submissions were made, include further comments by Fordham and Pannick and additional legal opinion obtained by the BHA, Betfair and the Federation of Racecourse Bookmakers.
Before delivering such a legal opinion, borrower's counsel must review all the loan documents, research applicable laws, and ensure that all of borrower's corporate records, beginning on the date the company was formed, are in order.
com), reports court cases and legal opinions in plain English, and student safety and individual rights issues are covered.
VICA officials are supposed to meet with Delgadillo's office today to try to resolve the conflicting legal opinions in case opponents file a lawsuit.
2) According to the Subcommittee, the FCBA Report is designed to facilitate negotiation and interpretation of legal opinions issued by communications lawyers.
3) Inasmuch as any legal opinion included in the tax shelter offering would be disclosed to potential "purchasers" of the shelter, we do not believe the attorney-client privilege stands as a barrier to such disclosure; any privilege would seem to be waived by such disclosure to potential participants in the shelter.
NLA provides a legal audit that lenders can take seriously and make accurate and informed decisions based on facts backed by legal opinions.
As a practicing attorney, I have served on the legal opinions committee of large cross-border law firms and note that a Cycould' opinion represents a relatively modest standard of assurance.
1 Preparation of expert reports and legal opinions and answering legal questions related to the functioning of local self-government and political system and the preparation of opinions and legal advice and clarification on the interpretation and application of the law.
The Puerto Rico Sales Taxes Financing Corporation (COFINA) has also authorized the posting of certain legal opinions related to the structure of the COFINA credit.