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:

    “At Hayes’ General Store, west of the cemetery, hangs an old army rifle, used by a discouraged Civil War veteran to end his earthly troubles. The grocer took the rifle as payment ‘on account.’”
    —Administration for the State of Con, U.S. public relief program (1935-1943)

    “The obligation of subjects to the sovereign is understood to last as long, and no longer, than the power lasteth by which he is able to protect them.”
    —Thomas Hobbes (1588–1679)