Final answer:
A bond counsel's opinion does not typically cover the availability of revenues sufficient for the repayment of principal and interest on bonds; rather, it focuses on legal aspects like the authority to issue bonds and tax implications.
Step-by-step explanation:
An opinion from bond counsel typically covers various legal assurances regarding a bond issuance. One item that is not commonly within the scope of a bond counsel's legal opinion is the availability of revenues sufficient to make timely payments of principal and interest. A bond counsel's opinion traditionally includes a review of the legal authority to issue the bonds, the tax-exempt status of interest for federal income tax purposes, the validity and binding nature of the bonds, and a discussion around the legality of the procedures used in issuing the bonds. However, the responsibility to assess the financial stability and revenue projections to ensure the repayment of the bond usually lies with the issuer and the financial analysts, not the bond counsel.