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:

    “We have left undone those things which we ought to have done; and we have done those things which we ought not to have done.”
    —Morning Prayer, General Confession, Book of Common Prayer (1662)

    “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)