Bond counsel on the governmental issuer's financing team renders an opinion on:

Bond counsel plays a crucial role in the issuance of tax-exempt bonds for governmental entities by providing a legal opinion on various aspects of the bond offering. One of their primary responsibilities is to assess and confirm the validity of the tax-exempt bond offering. This involves examining the legal and regulatory compliance of the bonds, ensuring they meet the necessary requirements set forth by tax law to qualify for tax-exempt status.

This opinion helps protect both the issuer and the bondholders, as it assures investors that the bond proceeds can be used as intended and that they will not face tax liabilities on the interest earned from the bonds. This legal opinion is essential for the credibility of the debt issuance and instills confidence in investors, influencing the pricing and attractiveness of the bonds in the market.

The other options involve important aspects of bond issuance but fall outside the typical scope of bond counsel's responsibilities. Expected returns, interest rate risk, and creditworthiness are usually assessed by financial advisors, underwriters, and credit rating agencies rather than legal counsel.