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:
“I suggested to them also the great desirability of a general knowledge on the Island of the English language. They are under an English speaking government and are a part of the territory of an English speaking nation.... While I appreciated the desirability of maintaining their grasp on the Spanish language, the beauty of that language and the richness of its literature, that as a practical matter for them it was quite necessary to have a good comprehension of English.”
—Calvin Coolidge (1872–1933)
“The only obligation to which in advance we may hold a novel, without incurring the accusation of being arbitrary, is that it be interesting.”
—Henry James (1843–1916)