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Bond Counsel is an attorney for the issuer of municipal securities who renders the legal opinion as to the tax status of interest payments and as to the authority of the issuer to sell the bonds.
A bond counsel will issue a legal opinion relating the taxation of the interest payments received by investors. Investors in municipal bonds in most cases receive interest payments that are free from federal income taxes. The bond counsel will also state that the municipality has the authority to sell the bonds and that the bonds are a legally binding obligation of the issuer. If the bond counsel has no reservations about the status of the bonds the bond counsel will issue an unqualified legal opinion. of there are reservations about the status of bonds the bond counsel will issue a qualified legal opinion. Bonds that are issued without a legal opinion are identified as being ex legal