LEGAL OPINION - The written conclusions of bond counsel that the issuance of municipal securities and the proceedings taken in connection therewith comply with applicable laws, that the municipal securities are legal, ...
Legal opinion.
Letter from a law firm concerning the validity of a municipal bond with respect to statutory authority, constitutionality, procedural conformity and usually the exemption of interest from federal income taxes.
Legal opinion: A written opinion by a bond counsel stating whether or not a bond issue conforms with all the laws of the issuer, and the state and federal governments. It also addresses the tax status of the bonds.
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.
[CFTC] approving opinion or approving legal opinion Written opinion of bond counsel to the effect that the issuance of the securities complies with the law (applicable constitutional, statutory and, in the case of certain municipalities, ...
Legal opinion
Legal transfer
Legislative risk
Legitimate
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Of or relating to a municipal bond that is traded without the benefit of the legal opinion of a bond counsel. The trading of ex-legal municipal bonds is permitted as long as the buyers are informed about the lack of legal opinion.
Municipal bonds that are delivered without a legal opinion from a bond law firm.
Excess Spread
Remaining net interest payments from the underlying assets of an asset-backed security, after all payables and expenses are covered.
Ex-legal
A municipal bond offered without a law firm's legal opinion. As the majority of bonds are issued with legal opinions.
Expatriate
An employee who is a U.S. citizen living and working in a foreign country.
A detailed document for a new security issue explaining the terms, issuer, officers, public accounting firms, legal opinion, and core business. Required by the Securities Act of 1933 to be made available to any client who purchases the issues.
Bond Counsel: Bond counsel is a law firm or attorney who reviews a new bond issue and issues a legal opinion regarding the bond issue.
Prospectus - A document that explains the terms of a new security offering - the officers, the outside public accounting firms, the legal opinion, and so on. Must be given to any customer who purchases new corporate and certain muni issues.
Official Statement: A required document published during any municipal bond offering, the Official Statement offers financial information, details of the bond offering and a legal opinion as to the validity of the offering.
names and address of all officers, directors, underwriters and stockholders owning 10% or more of the current outstanding stock;
copy of the underwriting agreement;
legal opinion on the issue;
copies of the articles of incorporation of the issuer.
ex-legal Class of municipal bond that does not have a legal opinion from a bond law firm... ex-pit transaction A commodities transaction which occurs away from the floor of the exchange where they are normally traded.
 See also: Securities, Issuer, Bond, Bonds, Issue
  
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