general obligation bond

A municipal bond payable from general revenue rather than from a special fund.

• Such a bond has no collateral to back it other than the issuer’s taxing power. — Often shortened to obligation bond.

— Also termed full-faith-and-credit bond. [Cases: Municipal Corporations 953.]

双语律师郭敏，国际知名商学院金融专业，擅长翻译各类与金融衍生品与结构化产品相关的法律文件。