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:
“Though of erect nature, man is far above the plants. For man’s superior part, his head, is turned toward the superior part of the world, and his inferior part is turned toward the inferior world; and therefore he is perfectly disposed as to the general situation of his body. Plants have the superior part turned towards the lower world, since their roots correspond to the mouth, and their inferior parts towards the upper world.”
—Thomas Aquinas (c. 1225–1274)
“The magnanimous know very well that they who give time, or money, or shelter, to the stranger—so it be done for love, and not for ostentation—do, as it were, put God under obligation to them, so perfect are the compensations of the universe.”
—Ralph Waldo Emerson (1803–1882)