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:

    “It has been the struggle between privileged men who have managed to get hold of the levers of power and the people in general with their vague and changing aspirations for equality, for justice, for some kind of gentler brotherhood and peace, which has kept that balance of forces we call our system of government in equilibrium.”
    —John Dos Passos (1896–1970)

    “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)