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:
“In truth, a mature man who uses hair-oil, unless medicinally, that man has probably got a quoggy spot in him somewhere. As a general rule, he can’t amount to much in his totality.”
—Herman Melville (1819–1891)
“There are minds so impatient of inferiority that their gratitude is a species of revenge, and they return benefits, not because recompense is a pleasure, but because obligation is a pain.”
—Samuel Johnson (1709–1784)
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