Non-Purpose Investments
Investment property other than purpose investments.
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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).
See Also
Program Investment
Purpose investments that meet certain rules set forth in Treasury Regulations Section 1.148-1(b).
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Gross Proceeds
Includes sale proceeds, investment proceeds, transferred proceeds (which, together with sale and investment proceeds equal the “proceeds” of the bonds) and replacement proceeds, all of which are defined in the Code.