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.
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Special Tax Counsel
An attorney or firm of attorneys engaged to render opinions on the federal and/or state tax exemption for tax-exempt bonds and those aspects of the transaction relating to whether the tax-exempt bonds qualify for federal tax exemption and, in some cases, state tax exemption.