Series 50: Other Counsel

Other Counsel

In both a competitive bid and a negotiated bid, the issuer will engage general counsel, or issuer’s counsel. The general counsel provides legal advice to the issuer, such as opinion letters. If the municipal entity is functioning as a conduit issuer, then the third-party business might engage a borrower’s counsel, which gives advice to the borrower, as well as providing legal opinions regarding any agreements into which the borrower enters.

The tax counsel verifies that a municipal bond conforms to the necessary rules to be considered tax-exempt. The