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.
It is worth mentioning that the Legal Affairs Ministry is the body that is responsible for giving the legal opinion, issues fatwas and official interpretations, in addition to reviewing the royal draft decrees, bills, regulations and ministerial decisions submitted by the ministries and all the governmental units before issuing and publishing them in the official gazette, as well as, studying and revising the draft international treaties and agreements to be signed by the Sultanate amongst other related issues.
In addition to the litany of documents demanded from the borrower, many banks also require that borrower's counsel deliver a legal opinion.
com), reports court cases and legal opinions in plain English, and student safety and individual rights issues are covered.
When integrated into an overall content management system, WorX SE will facilitate the publication of legal opinions to the Internet, Intranet or other media, thus helping accomplish the Office of Chief Counsel's goal of making electronic opinions more accessible while maintaining their quality and accuracy.
Aspen Law & Business (New York) has published Intellectual Property Legal Opinions, a new reference for evaluating intellectual property legal opinions and their role in business and legal decisions.
In 1996, the Subcommittee on Legal Opinions (Subcommittee) of the Federal Communications Bar Association (FCBA) published a report on legal opinion practice in corporate transactions where a Federal Communications Commission (FCC) licensee is one of the parties.
Experience teaches that "plans or arrangements" marketed on conditions of confidentiality are unfailingly accompanied by legal opinions or other analyses attesting to the attendant tax consequences.