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 ?
She is seeking a legal opinion with respect to terminating her contract," Pal said.
Section 4 of Clause 8 which provided for seeking legal opinion of DPP during investigation has been replaced with another one providing for seeking prosecutor's opinion and guidance before the registration of the case as well as during the investigation.
He said he was dismayed that the office of the clerk had not furnished the assembly with the legal opinion.
Justice Secretary Vitaliano Aguirre II issued the legal opinion upon the request of PDEA Chief Isidro S.
The legal opinion is understood to have conveyed to the home ministry that Naik's statements in different forums allegedly promoted enmity and hatred between religious groups and inspired and incited terrorists.
I will not support a rule that based upon 30 years of legal experience, including experience reading a lot of statutes and regulations while serving on the legal opinion committees of large national law firms and signing a lot of legal opinions myself, violates the Federal Credit Union Act," McWatters said in an exclusive interview.
According to the legal opinion, nothing in OLAF's founding Regulation 1073/1999/EC forbids this, on the condition that the confidentiality of the report and the rights of the person concerned, in this case the former health commissioner, are respected.
Consequently, PAC sought legal opinion from the Ministry of Law and Justice on the issue which stated that PAC was empowered to scrutiny the expenses plan of SCP like other institution.
The more than 200-page report, which has been in the works for five years, updates and consolidates in a single integrated report all of the legal opinion standards that have previously been published by the Business Law and the RPPTL sections.
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 Ministry of Legal Affairs is the body that is responsible for giving the legal opinion, fatwas, official interpretations, in addition to reviewing the draft royal decrees, laws, regulations, ministerial decisions presented by the ministries and all the governmental units before issuing and publishing them in the officials gazette, studying and reviewing the international draft conventions and treaties to be signed by the Sultanate, in addition to other relevant issues.
10 December 2010 -- Online retailer Ebay (NASDAQ:EBAY) should not be pursued for trademark breaches committed by its users, according to a legal opinion by an adviser at the European Court of Justice (ECJ), the Financial Times reports.