General Obligation

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:

    “Each victim of suicide gives his act a personal stamp which expresses his temperament, the special conditions in which he is involved, and which, consequently, cannot be explained by the social and general causes of the phenomenon.”
    —Emile Durkheim (1858–1917)

    “There are minds so impatient of inferiority that their gratitude is a species of revenge, and they return benefits, not because recompense is a pleasure, but because obligation is a pain.”
    —Samuel Johnson (1709–1784)