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:

    “As to the rout that is made about people who are ruined by extravagance, it is no matter to the nation that some individuals suffer. When so much general productive exertion is the consequence of luxury, the nation does not care though there are debtors in gaol; nay, they would not care though their creditors were there too.”
    —Samuel Johnson (1709–1784)

    “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)