1. statement as to legality, written by an authorized official such as a city attorney or an attorney general.
2. Statement as to the legality of a Municipal Bond issue, usually written by a law firm specializing in public borrowings. It is part of the official statement, the municipal equivalent of a Prospectus. Unless the legality of an issue is established, an investor's contract is invalid at the time of issue and he cannot sue under it. The legal opinion is therefore required by a Syndicate Manager and customarily accompanies the transfer of municipal securities as long as they are outstanding.
