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:
“Some people are under the impression that all that is required to make a good fisherman is the ability to tell lies easily and without blushing; but this is a mistake. Mere bald fabrication is useless; the veriest tyro can manage that. It is in the circumstantial detail, the embellishing touches of probability, the general air of scrupulous—almost of pedantic—veracity, that the experienced angler is seen.”
—Jerome K. Jerome (1859–1927)
“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 (1805–1859)