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 fact is that the most effective way of utilizing human energy is through an organized rivalry, which by specialization and social control is, at the same time, organized co-operation.”
—Charles Horton Cooley (1864–1929)
“The obligation of subjects to the sovereign is understood to last as long, and no longer, than the power lasteth by which he is able to protect them.”
—Thomas Hobbes (1588–1679)
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