legal opinion

Also found in: Dictionary, Thesaurus, Wikipedia.

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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
The drafters of the ABA Accord styled the set of recommended opinions as an accord so that attorneys could, with necessary modifications, incorporate it or request it as the legal opinion to be used in their transactions, thereby saving drafting and negotiating time, as well as the costs of litigation over interpretation.(32) The ABA Accord is accompanied by a glossary, and each section has a separate commentary and technical note providing guidance on interpretation of the particular section.
The anti-graft body maintained that the project was not completed on time because the accused failed to issue their legal opinions.
The Palestinian Attorney General listened to a briefing on the Legislation and Legal Opinion Commission specialties and the pivotal role it performs in Bahrain.
However, after the change in guards at the Ministry of Law, when minister Babar Awan was replaced the same legal opinion was issued.
In a legal opinion, the OGCC said that APECO was allowed to operate outside of the Aurora Economic Zone as long as it does so in areas controlled by the Philippine Economic Zone Authority.
Cyberabad/Hyderabad (Telengana) [India], Dec 22 ( ANI ): The Cyberabad police on Friday said they are awaiting legal opinion in the Dalit scholar Rohith Vemula suicide case, after getting a report from the revenue department on whether he belongs to the SC community or not.
Lapena asked Aguirre to issue a legal opinion on the matter because of incidents where BOC personnel refused to cooperate with PDEA investigations.
Shelby asked Fazio why the NCUA chose to pay an outside law firm for a legal opinion rather than seek legal advice from its own general counsel.
Petilla eventually stepped in and recommended to all relevant parties that a second legal opinion be secured from the Department of Justice.
" Legal opinion is being sought to handle the case.
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.