The Law Dictionary

Featuring Black’s Law Dictionary Free Online Legal Dictionary 2nd Ed.

What is GENERAL OBLIGATION BOND

The government’s commitment to its full taxing and borrowing authority and other revenue resources to make timely payment of interest and principal on the type of government bond issue. Relies only on the revenue from a project to finance this bond issue. May not be a power this specific government agency has, like a municipality, for example. Known also as full faith and credit bond.

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