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:
“... women can never do efficient and general service in hospitals until their dress is prescribed by laws inexorable as those of the Medes and Persians. Then, that dress should be entirely destitute of steel, starch, whale-bone, flounces, and ornaments of all descriptions; should rest on the shoulders, have a skirt from the waist to the ankle, and a waist which leaves room for breathing.”
—Jane Grey Swisshelm (1815–1884)
“The debt was the most sacred obligation incurred during the war. It was by no means the largest in amount. We do not haggle with those who lent us money. We should not with those who gave health and blood and life. If doors are opened to fraud, contrive to close them. But don’t deny the obligation, or scold at its performance.”
—Rutherford Birchard Hayes (1822–1893)