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:
“No doubt, the short distance to which you can see in the woods, and the general twilight, would at length react on the inhabitants, and make them savages. The lakes also reveal the mountains, and give ample scope and range to our thought.”
—Henry David Thoreau (1817–1862)
“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)