Investor Presentaiton
Issuer and Their Counsels
Issuer - Body with the authority to issue bonds
City/County/State and their Agencies
In certain structures, can serve as the conduit between the borrower and investors
Bond Counsel - Every bond issue must be reviewed by a lawyer or
law firm
• The legal opinion is authorization of the debt and covers two main issues:
Ensures the bonds are legal, valid, and binding obligations of the issuer
Verifies the tax status of the debt (if interest is exempt from federal, state, or local
taxes
Other Counsel - May include special tax counsel, disclosure
counsel and issuer's counsel
Special counsel may be necessary for specific issues that are more complex and diverse
than standard offerings. Also may be used to ensure consistency for regular issuers.
CPIM Academy 2018// FIN 162
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