Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
general-obligation bond
A municipal bond payable from general revenue rather than from a special fund. 0 Such a bond has no collateral to back it other than the issuer's taxing power. - Often shortened to obli- gation bond. - Also termed full-faith-andcredit bond. "There are two main types of bonds issued by local governments: general obligation bonds and revenue bonds .... Bonds will be assumed to be general obligation unless they themselves contain a clear promise to pay only out of a special fund." Osborne M. Reynolds, Jr., Handbook of Local Government Law ยง 104, at 323 (1982).
obligation bond
See general obligation bond.