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:

    “There is absolutely no evidence—developmental or otherwise—to support separating twins in school as a general policy. . . . The best policy seems to be no policy at all, which means that each year, you and your children need to decide what will work best for you.”
    —Pamela Patrick Novotny (20th century)

    “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)