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[LETTERHEAD OF PAUL, HASTINGS, JANOFSKY & WALKER LLP]
Exhibit 3.1
October 24, 2000
Salomon Smith Barney Inc.
Unit Trust Department
7 World Trade Center
40/th/ Floor
New York, New York 10048
Re: Equity Focus Trusts - Sector Series,
Emerging Sector Portfolios: Broadband Technologies 2000
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Dear Sirs:
We have acted as special counsel for Salomon Smith Barney Inc. as
Depositor, Sponsor and Principal Underwriter (the "Depositor") of Equity Focus
Trusts - Sector Series, Emerging Sector Portfolios: Broadband Technologies 2000
(the "Trust") in connection with the deposit of securities (the "Securities")
therein pursuant to the Trust Agreement referred to below, by which the Trust
was created and under which the units of fractional undivided interest (the
"Units") have been issued. Pursuant to the Trust Agreement, the Depositor has
transferred to the Trust certain securities and contracts to purchase certain
securities together with irrevocable letters of credit to be held by the Trustee
upon the terms and conditions set forth in the Trust Agreement. (All securities
to be acquired by the Trust are collectively referred to as the "Securities.")
In connection with our representation, we have examined the originals
or certified copies of the following documents relating to the creation of the
Trust, the deposit of the Securities, and the issuance and sale of the Units:
(a) the Standard Terms and Conditions of Trust dated
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Salomon Smith Barney Inc.
October 24, 2000
March 14, 2000, and the Reference Trust Indenture of even date herewith relating
to the Trust (collectively, the "Trust Agreement") between the Depositor and The
Chase Manhattan Bank as Trustee; (b) the Closing Memorandum relating to the
deposit of the Securities in the Trust; (c) the Notification of Registration on
Form N-8A and the Registration Statement on Form N-8B-2, as amended, relating to
the Trust, as filed with the Securities and Exchange Commission (the
"Commission") pursuant to the Investment Company Act of 1940 (the "1940 Act");
(d) the Registration Statement on Form S-6 (Registration No. 333-47366) filed
with the Commission pursuant to the Securities Act of 1933 (the "1933 Act"), and
all Amendments thereto (said Registration Statement, as amended by said
Amendment(s) being herein called the "Registration Statement"); (e) the proposed
form of final prospectus (the "Prospectus") relating to the Units, which is
expected to be filed with the Commission on or about October 25, 2000; (f)
resolutions of the Executive Committees of the Depositor authorizing the
execution and delivery by the Depositor of the Trust Agreement and the
consummation of the transactions contemplated thereby; (g) the Certificates of
Incorporation and By-laws of the Depositor, each certified to by an authorized
officer of the Depositor as of a recent date; (h) a certificate of an authorized
officer of the Depositor with respect to certain factual matters contained
therein ("Officers Certificate"); and (i) certificates or telegrams of public
officials as to matters set forth upon therein.
We have assumed the genuineness of all agreements, instruments and
documents submitted to us as originals and the conformity to originals of all
copies thereof submitted to us. We have also assumed the genuineness of all
signatures and the legal capacity of all persons executing agreements,
instruments and documents examined or relied upon by us.
Where matters are stated to be "to the best of our knowledge" or
"known to us," our knowledge is limited to the actual knowledge of those
attorneys in our office who have performed services for the Trust, their review
of documents provided to us by the Depositor in connection with this engagement,
and inquiries of officers of the Depositor, the results of which are reflected
in the Officers Certificate. We have not independently verified the accuracy of
the matters set forth in the written statements or certificates upon which we
have relied. We have not reviewed the financial statements, compilation of the
Securities held by the Trust, or other financial or statistical data contained
in the Registration Statement and the Prospectus, as to which we understand you
have been furnished with the reports of the accountants appearing in the
Registration Statement and the Prospectus. In addition, we have made no specific
inquiry as to whether any stop order or investigatory proceedings have been
commenced with respect to the Registration Statement or the Depositor nor have
we reviewed court or government agency dockets.
Statements in this opinion as to the validity, binding effect and
enforceability of agreements, instruments and documents are subject: (i) to
limitations as to enforceability imposed by bankruptcy, reorganization,
moratorium, insolvency and other laws of general application
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Salomon Smith Barney Inc.
October 24, 2000
relating to or affecting the enforceability of creditors' rights, and (ii) to
limitations under equitable principles governing the availability of equitable
remedies.
We are not admitted to the practice of law in any jurisdiction but the
State of New York and we do not hold ourselves out as experts in or express any
opinion as to the laws of other states or jurisdictions except as to matters of
Federal and Delaware corporate law. No opinion is expressed as to the effect
that the law of any other jurisdiction might have upon the subject matter of the
opinions expressed herein under applicable conflicts of law principles, rules or
regulations or otherwise.
Based on and subject to the foregoing, we are of the opinion that:
(1) The Trust Agreement has been duly authorized and executed and
delivered by an authorized officer of the Depositor and is a valid and binding
obligation of the Depositor in accordance with its terms.
(2) The execution and delivery of the Certificates evidencing the
Units has been duly authorized by the Depositor and such Certificates when
executed by the Depositor and the Trustee in accordance with the provisions of
the Certificates and the Trust Agreement and issued for the consideration
contemplated therein, will constitute fractional undivided interests in the
Trust, and will be entitled to the benefits of the Trust Agreement. Upon payment
of the consideration for the Units as provided in the Trust Agreement and the
Registration Statement, the Units will be fully paid and non-assessable by the
Trust.
We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and to the use of our name in the Registration Statement
and in the Prospectus under the headings "Taxes" and "Miscellaneous-Legal
Opinion." This opinion is intended solely for the benefit of the addressee in
connection with the issuance of the Units of the Trust and may not be relied
upon in any other manner or by any other person without our express written
consent.
Very truly yours,
/S/ Paul, Hastings, Janofsky & Walker LLP
Paul, Hastings, Janofsky & Walker LLP
