Which entity provides legal opinions regarding the legality of bond issuances?

Bond Counsel is the entity responsible for providing legal opinions regarding the legality of bond issuances. When a municipality or government entity decides to issue bonds, legal counsel plays a crucial role in ensuring that the bonds comply with federal and state laws and regulations. The opinion of Bond Counsel outlines the legal standings of the bonds, affirming key legal aspects such as the authority of the issuer to issue the bonds, the validity of the bond resolutions, and the tax-exempt status of the interest on the bonds, if applicable.

This legal opinion is critical for investors as it assures them of the bonds' legality and validity, making it a fundamental component of the bond issuance process. Without the endorsement of Bond Counsel, there could be significant legal uncertainties that might jeopardize the financing and acceptance of the bonds in the market.