Favorable Opinion of Bond Counsel definition
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 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, 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 Federal Tax Status of the Bonds under existing law (subject to the inclusion of any customary exceptions acceptable to the recipient thereof).
Examples of Favorable Opinion of Bond Counsel in a sentence
After the Funded Interest Period any amounts remaining in the Series 2026 Capitalized Interest Account shall be released and applied by the Trustee as directed by the Borrower, which direction shall be accompanied by a Favorable Opinion of Bond Counsel.
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, delivered to and in form and substance satisfactory to the Issuer to the effect that such action will not adversely affect the exclusion of interest on the Bonds from gross income for purposes of federal income taxation (subject to the inclusion of any exceptions contained in the opinion of Bond Counsel delivered upon original issuance of the Bonds or other customary exceptions acceptable to the recipient thereof).
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 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 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, 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 2019 Series A Bonds under existing law (subject to the inclusion of any exceptions contained in the opinion of Bond Counsel delivered upon original issuance of the 2019 Series A Bonds or other customary exceptions acceptable to the recipient thereof).
Favorable Opinion of Bond Counsel means an opinion of Bond Counsel to the effect that the action proposed to be taken is authorized by the laws of the State of Arizona and the Indenture and will not adversely affect any exclusion from gross income for federal income tax purposes of interest on the Bonds.
Favorable Opinion of Bond Counsel means, with respect to any action relating to the Bonds, the occurrence of which requires such an opinion, a written legal opinion of Bond Counsel addressed to the Trustee, the Borrower, the Credit Facility Provider, the Index Interest Period Holder and the Remarketing Agent, as applicable, to the effect that such action is permitted under this Indenture and will not impair the exclusion of interest on the Bonds from gross income for purposes of federal income taxation (subject to customary exceptions).