Glossary of Municipal Securities Terms


An attorney or law firm retained, typically by the issuer, to give the traditional bond counsel opinion. Such opinion customarily opines that the bonds have been validly issued and, if tax exemption is intended, that the bonds are tax-exempt bonds. The opinion also may address related matters, such as state or local tax exemption and the enforceability of certain security provisions. Typically, bond counsel may prepare, or review and advise the issuer regarding, authorizing resolutions, bond contracts, official statementsvalidation proceedings and litigation. See: LEGAL OPINION. Compare: DISCLOSURE COUNSEL; SPECIAL TAX COUNSEL; UNDERWRITER’S COUNSEL.

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