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 first general store opened on the ‘Cold Saturday’ of the winter of 1833 ... Mrs. Mary Miller, daughter of the store’s promoter, recorded in a letter: ‘Chickens and birds fell dead from their roosts, cows ran bellowing through the streets’; but she failed to state what effect the freeze had on the gala occasion of the store opening.”
—Administration in the State of Sout, U.S. public relief program (1935-1943)
“The only obligation to which in advance we may hold a novel, without incurring the accusation of being arbitrary, is that it be interesting.”
—Henry James (1843–1916)