If there are no doubts regarding the matter, a bond counsel representing the issuer of municipal securities will offer an unqualified legal opinion. A bond counsel is an attorney or law firm that is employed, typically by the issuer to provide the bond counsel opinion, to represent municipal bondholders’ interests during a bond offering.

Because it reflects a lower level of confidence on the part of the bond counsel providing the opinion, an unqualified legal opinion of bond counsel is typically distinguished from a qualified opinion.

If a legal opinion is subject to accepted presumptions, restrictions, and qualifications, it is not unqualified.