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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.
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.
The proposition authorized the issuance of $10 billion in state general obligation bonds for repair, upgrade, and construction of facilities at K–12 public schools and community colleges; this also includes charter schools throughout the state of California. [3] The proposition also allowed for the authorization of the following: [3]
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 ...
Jul. 23—The City and County of Honolulu sold general obligation bonds at the lowest borrowing cost in recent history, saving $15.8 million in debt service through refunding. The city sold $742 ...
General obligation bonds may be backed by a variety of credits depending on the state and local law; those credits include taxes on local property , regressive taxes and/or all other sources of revenue to the municipality. As a general rule, revenue bonds are backed by the revenue generated by the municipal facility funded by the bond issue.
Learn what bond insurance is, how it protects investors from default risks and why it can be a valuable financial instrument for bondholders.
Examples of asset-backed securities are mortgage-backed securities (MBSs), collateralized mortgage obligations (CMOs), and collateralized debt obligations (CDOs). Covered bonds are backed by cash flows from mortgages or public sector assets. Unlike asset-backed securities, the assets for such bonds remain on the issuer's balance sheet.