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A general obligation bond is a common type of municipal bond in the United States that is secured by a state or local government's pledge to use legally-available resources, including tax revenues, to repay bondholders. [1]
All meetings and records must comply with the Florida Sunshine Law, and an annual audit is also required. [2] As of 2012, Florida had over 600 CDDs with municipal bonds totalling $6.5 billion. Nearly three-quarters of them were established during the housing boom years between 2003 and 2008.
Detroit's debts included $369 million in unlimited general obligation bonds, bonds issued with the general backing of taxpayers, described by Florida bond finance director Ben Watkins as "[having] been the gold standard of the municipal-bond market".
Tax-free municipal bonds are not just a source of investment but also a significant contributor to public projects such as roads, schools and hospitals. These debt instruments are issued by local ...
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The basic types of municipal bonds are: General obligation bonds: Principal and interest are secured by the full faith and credit of the issuer and usually supported by either the issuer's unlimited or limited taxing power. These bonds are usually considered the most secure type of municipal bond, and therefore carry the lowest interest rate.
Aug. 12—Honolulu sold $271 million in general obligation bonds this week to subsidize its 2024 capital improvement program as well as the ongoing construction of the Honolulu Authority for Rapid ...
Most jurisdictions only allow bonds to be floated based upon a portion (usually capped at 50%) of the assumed increase in tax revenues. For example, if a $5,000,000 annual tax increment is expected in a development, which would cover the financing costs of a $50,000,000 bond, only a $25,000,000 bond would be typically allowed.
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