A legal opinion on a bond does NOT cover which of the following?

A legal opinion on a bond is an important document that provides assurance about various aspects of the bond's validity and the obligations associated with it. The correct choice is related to the future performance of the bond, which is not covered by a legal opinion.

Legal opinions typically confirm whether the bond issuance meets legal requirements and what the implications are for the bond’s holders. Specifically, they address factors such as the bond's exempt status from federal income taxes, the binding nature of the obligations on the issuer, and relevant legal precedents which influence the issuance and enforceability of the bonds.

In contrast, the future performance of the bond is contingent upon numerous market factors, interest rates, and the creditworthiness of the issuer. These elements are inherently uncertain and cannot be guaranteed or assessed through a legal opinion, as the opinion focuses on the legality and structure of the bond rather than its performance metrics or the investment outcomes for purchasers. Thus, it is crucial to understand that legal opinions provide clarity and assurance on legal regulatory matters, but they do not predict or quantify financial performance outcomes.