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)
“My administration is pledged to follow the policies of Mr. Roosevelt in this regard, and while that pledge does not involve me in any obligation to carry them out unless I have Congressional authority to do so, it does require that I take every step and exert every legislative influence upon Congress to enact the legislation which shall best subserve the purposes indicated.”
—William Howard Taft (1857–1930)