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 ?
When the Chair disclosed the 'substance' of the oral legal opinion at the Board meeting she also disclosed the 'substance' of the written legal opinion.
Councilman Tony Cardenas, chair of the City Council's Commerce, Energy and Natural Resources Committee that will review the appointment, had asked for the legal opinion to ensure there was no conflict of interest.
On Tuesday, the NCUA released legal opinions it obtained to support the rule.
NCUA Board Member Mark McWatters voted against the proposal, arguing that the Hastings legal opinion was not a strong enough justification for the NCUA's legal authority.
A team from the firm presented an oral legal opinion on the risk-based capital proposal to the NCUA Board in November.
Antonovich said the legal opinion the County Counsel's Office gave to the supervisors when the board voted 3-2 last week to agree to the ACLU's demand was based on an ``incomplete legal analysis'' that did not cite the cases where government agencies were successful in keeping crosses on their seals.
Before the recession, credit unions sometimes skimped on requiring business borrowers to provide legal opinions for transaction fundamentals, attorney Dustin DeVore told an educational session audience during a Feb.
But under a handy, tortured legal opinion produced by lawyers for Davis and state Controller Steve Westly, no one in Sacramento actually has to accept responsibility for hiking the vehicle license fee.
The council could still adopt the ban on independent expenditures, but now it has a great excuse - a legal opinion and the threat of a costly court battle - to justify killing it.
Three days after the March 5 election, the state legislative counsel issued a legal opinion, requested by Sen.
A legal opinion issued Wednesday spelled out broad terms of an election for a new San Fernando Valley city and set July 15 as the first day candidates can file papers to run for office in the new city.
This was one of the first jury trials to be conducted following the Knorr-Bremse decision, which ended the requirement that accused infringers must seek a legal opinion saying that no infringement occurred.