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:

    “Private property is held sacred in all good governments, and particularly in our own. Yet shall the fear of invading it prevent a general from marching his army over a cornfield or burning a house which protects the enemy? A thousand other instances might be cited to show that laws must sometimes be silent when necessity speaks.”
    —Andrew Jackson (1767–1845)

    “No obligation to do the impossible is binding.”
    —Marcus Tullius Cicero (106–43 B.C.)