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credit constitute nonpurpose investments within the meaning of
section 148(f)(6)(A).
My analysis does not turn on the diversion of the bond
proceeds from the contemplated purposes of the bond issues.
Thus, it should answer the criticism of Judge Jacobs as to the
reasonable expectations of the Housing Authority officials on
February 20, 1986, the date on which the majority finds (and
Judge Jacobs agrees) the bonds were issued. As of that date,
apparently, the "black [boxes]" referred to by Judge Jacobs
(Jacobs, J., dissenting op. note 4) had been designed, as
integral parts of the bond financings, and were known to (or
should have been known to) the Housing Authority.
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