A general obligation is a legal pledge in United States municipal finance, in which an entity pledges its full faith and credit to repay its debt, typically a general obligation bond.
Famous quotes containing the words general and/or obligation:
“It was the words “descended into Hades”
That seemed too pagan to our liberal youth.
You know they suffered from a general onslaught.
And well, if they weren’t true why keep right on
Saying them like the heathen? We could drop them.”
—Robert Frost (1874–1963)
“My administration is pledged to follow the policies of Mr. Roosevelt in this regard, and while that pledge does not involve me in any obligation to carry them out unless I have Congressional authority to do so, it does require that I take every step and exert every legislative influence upon Congress to enact the legislation which shall best subserve the purposes indicated.”
—William Howard Taft (1857–1930)