Favorable Opinion of Bond Counsel definition

Favorable Opinion of Bond Counsel means, with respect to any action, or omission of an action, the taking or omission of which requires such an opinion, an unqualified written opinion of Bond Counsel to the effect that such action or omission does not adversely affect the excludability from gross income for federal income tax purposes of interest payable on the Bonds under existing law (subject to the inclusion of any exceptions contained in the opinion of Bond Counsel delivered upon the original issuance of the Bonds or other customary exceptions acceptable to the recipient(s) thereof).
Favorable Opinion of Bond Counsel means an opinion or opinions of nationally recognized bond counsel to the effect that the action proposed to be taken is authorized or permitted by the Certificate and will not adversely affect the exclusion of interest on the Bonds from gross income for purposes of federal income taxation.
Favorable Opinion of Bond Counsel means an opinion of Bond Counsel addressed to the Issuer and the Trustee to the effect that the action proposed to be taken is authorized or permitted by the laws of the Commonwealth and this Indenture and will not, in and of itself, adversely affect any exclusion of interest on the Bonds from gross income of the owners thereof for federal income tax purposes.

Examples of Favorable Opinion of Bond Counsel in a sentence

  • Provided the Borrower shall obtain a Favorable Opinion of Bond Counsel, the Borrower shall have the right to convey the Project to any other persons, subject to the limitations, if any, contained in other provisions of this Loan Agreement and the Borrower’s Tax Certificate.

  • In addition, the Borrower will obtain (y) an opinion of Xxxxxxxx’s counsel that the merger or consolidation complies with this paragraph (q), and (z) a Favorable Opinion of Bond Counsel delivered to the Issuer and the Bank with respect to the merger or consolidation.


More Definitions of Favorable Opinion of Bond Counsel

Favorable Opinion of Bond Counsel means, with respect to any action the taking of which requires such an opinion, an unqualified opinion of Bond Counsel to the effect that such action will not adversely affect the exclusion of interest on the Bonds from gross income for federal income tax purposes (subject to the inclusion of any exceptions contained in the opinion delivered upon the original issuance of the Bonds).
Favorable Opinion of Bond Counsel means, with respect to any action the occurrence of which requires such an opinion, an unqualified opinion of Bond Counsel to the effect that such action is permitted under the Act and the Indenture.
Favorable Opinion of Bond Counsel means, with respect to any action relating to a Series of Bonds, the occurrence of which requires such an opinion to be delivered after the date of issuance thereof, a written opinion of counsel selected by the Board of nationally recognized standing in matters relating to the exclusion of interest from gross income on obligations issued by states and their political subdivisions or agencies addressed to the Board to the effect that the action proposed to be taken is not prohibited by the laws of the State of Illinois and the Bond Resolution and will not adversely affect any exclusion from gross income for federal income tax purposes of interest on such Bonds (subject to customary exceptions).
Favorable Opinion of Bond Counsel means an opinion of Bond Counsel, addressed to the Issuer, the Trustee and the Holder, with a copy to the Majority Owner Representative, to the effect that a proposed action, event or circumstance (i) is permitted under the Indenture, (ii) will not, in and of itself, adversely affect any exclusion of interest on the Bond from gross income for purposes of federal income taxation, and (iii) does not affect the treatment of interest on the Bond as not being an item of tax preference for purposes of the federal alternative minimum tax, which opinion may be subject to customary assumptions and exclusions.
Favorable Opinion of Bond Counsel means, with respect to any action the occurrence of which requires such an opinion, an unqualified opinion of counsel, which shall be a Bond Counsel, unless specified otherwise herein, to the effect that such action is permitted under the Act and the Resolution and will not have an adverse effect on the exclusion of interest on the Series 2010 Bonds from gross income for purposes of federal income taxation or the exemption of interest on the Series 2010 Bonds from income taxation under the laws of the Commonwealth (subject to the inclusion of any exceptions contained in the opinion delivered upon original issuance of the Series 2010 Bonds).
Favorable Opinion of Bond Counsel means, when used with respect to or in connection with any action, a written opinion of Bond Counsel to the effect that such action will not adversely affect the excludability of interest paid on the Bond from gross income for federal income tax purposes.
Favorable Opinion of Bond Counsel means an opinion of Bond Counsel addressed to the Issuer, the Company and the Trustee and stating, unless otherwise specified herein, that the action proposed to be taken is authorized or permitted by the laws of the State and this Indenture and such action will not adversely affect the exclusion from gross income of interest on the Bonds for federal income tax purposes (other than as held by a "substantial user" of the Facilities or a "related person" within the meaning of the Code).