A municipal bond that does not have the legal opinion of a bond law firm printed on it, necessitating buyers to be warned that the bond lacks the usual legal opinion.
A legal opinion is a statement as to legality, written by an authorized official such as a city attorney or an attorney general. In the context of municipal bond issuances, it typically pertains to the legality of the bond issue, often prepared by a law firm specializing in public borrowings.
