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:
“We have left undone those things which we ought to have done; and we have done those things which we ought not to have done.”
—Morning Prayer, General Confession, Book of Common Prayer (1662)
“In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.”
—Alexis de Tocqueville (18051859)
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