general-obligation bond

[ jen-er-uhl-ob-li-gey-shuhn ]

noun

1. a bond issued by a state or city and backed by general tax revenue and the issuer's credit.

Example Sentences

Even this was contradicted by a 2017 San Francisco general-obligation bond document that says “the City is unable to predict whether sea-level rise or other impacts of climate change or flooding from a major storm will occur.”

From Wall Street Journal

Over the course of the museum’s design and construction, Miami-Dade County provided $205 million — some of it as part of a general-obligation bond — to enable the project’s completion.

From Seattle Times

Mr. Marxuach said Puerto Rico’s secretary of justice had issued an opinion that the sales taxes dedicated to Cofina could not be clawed back to make general-obligation bond payments, but whether that opinion would hold up in court had not been tested.

From New York Times

Because the general-obligation bond pledge is so powerful, states have also made it hard to issue too many of the bonds.

From New York Times

Puerto Rico and its advisers set up the lockbox system, where the government must deposit its general-obligation bond payments several months in advance.

From New York Times