Purpose Investment
Investment property acquired to carry out the purpose of a governmental program for which the bonds are issued (i.e., conduit loans, mortgage notes, mortgage-backed securities and student loan obligations).
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Non-Purpose Investments
Investment property other than Purpose Investments.
In Contrast With
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63-20 Corporation
A nonprofit public benefit corporation organized under state law that meets the requirements of Internal Revenue Service Revenue Ruling 63-20 to qualify as an Issuer of Tax-Exempt Bonds.