Which item is a component of a long-term borrowing official statement?

• A. Bond Council opinion
• B. Annual budget
• C. Zoning map
• D. Police budget

Answer: (A)

When a municipality issues long‑term debt, the official statement is the investor-facing document outlining the securities, their terms, and the issuer’s financial picture. A Bond Counsel opinion is included because it provides a legal assessment that the bonds are properly authorized, legally issued, and enforceable, and it often covers tax treatment of the interest. This opinion gives investors confidence and can influence pricing and marketability of the bonds.

The other items don’t belong in the official statement. An annual budget describes the government's planned revenues and expenditures for a year and is a separate operating document. A zoning map relates to land use and planning, not to debt issuance. A police budget is part of departmental or operating budgeting, not part of the debt offering materials.