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:
“The General Order is always to manoeuver in a body and on the attack; to maintain strict but not pettifogging discipline; to keep the troops constantly at the ready; to employ the utmost vigilance on sentry go; to use the bayonet on every possible occasion; and to follow up the enemy remorselessly until he is utterly destroyed.”
—Lazare Carnot (1753–1823)
“The debt was the most sacred obligation incurred during the war. It was by no means the largest in amount. We do not haggle with those who lent us money. We should not with those who gave health and blood and life. If doors are opened to fraud, contrive to close them. But don’t deny the obligation, or scold at its performance.”
—Rutherford Birchard Hayes (1822–1893)