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:
“... women can never do efficient and general service in hospitals until their dress is prescribed by laws inexorable as those of the Medes and Persians. Then, that dress should be entirely destitute of steel, starch, whale-bone, flounces, and ornaments of all descriptions; should rest on the shoulders, have a skirt from the waist to the ankle, and a waist which leaves room for breathing.”
—Jane Grey Swisshelm (1815–1884)
“My administration is pledged to follow the policies of Mr. Roosevelt in this regard, and while that pledge does not involve me in any obligation to carry them out unless I have Congressional authority to do so, it does require that I take every step and exert every legislative influence upon Congress to enact the legislation which shall best subserve the purposes indicated.”
—William Howard Taft (1857–1930)