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 ?
The corruption watchdog said that the legal opinion was issued in November 2011 after Awan was replaced as the law minister.
According to NAB, after Awan was replaced as the law minister, the legal opinion was issued on November 2011.
Blum collects articles he wrote beginning in the middle 1960s on some constitutional problems relating to the United Nations Charter and on the Arab-Israel conflict, and a selection of his legal opinions while he worked in the Legal Department of the Israel Foreign Ministry, 1962-65, which were released to him by authorities.
McWatters, who voted against the revised proposed risk-based capital rule, told CU Times the legal opinion rendered by the NCUA was weak.
The Commission only provided partial access to two documents, and refused access to three others, citing (under Regulation 1049/2001) the need to protect the legal opinions it receives in order to guarantee their independence and objectivity.
The project, a collaboration of both sections' legal standards committees, is intended to provide guidance to Florida attorneys who render third-party legal opinions to both Florida and out-of-state attorneys who, on behalf of their clients, receive third-party legal opinions from Florida attorneys.
The board, which began a consultation process in July 2010, has published the latest responses on its website, hblb.org.uk, following legal opinion given in March by QCs Michael Fordham and Lord Pannick.
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. Failure to comply with this requirement will result in much needed financing being delayed or, in the worst case, denied.
He said that Butt has taken two legal opinions with him aimed at giving him ample expert advice on the controversial subject.
If this interpretation is followed by other courts using the because of test, it will be virtually impossible in these courts for the IRS to obtain documents that contain legal opinions or hazards of litigation assessments, whether the documents are tax accrual workpapers or other memoranda.
County offices of education often have an attorney on staff that produces legal opinions or offers advice on various aspects of school operations and instruction.