Glossary of Municipal Securities Terms


A legal opinion of bond counsel, sometimes referred to as a “reasoned opinion,” that is conditional or otherwise subject to qualifications. A legal opinion generally is not considered to be qualified if it is subject to customary assumptions, limitations and qualifications or if the opinion is otherwise explained. In the municipal securities market, legal opinions have traditionally been unqualified. See: LEGAL OPINION. Compare: UNQUALIFIED LEGAL OPINION.

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