General Obligation (“GO”) Bond
A bond backed by the full faith and credit and taxing power of the issuer.
bond-basics
General Obligation Bond Payable from General Fund (“GFGO”)
A type of General Obligation (GO) Bond not secured by a specific Pledge of taxing power, and in which the Issuer cannot be compelled to increase Taxes. GFGOs are secured by a Pledge of money in the Issuer’s general fund. However, the Issuer may be required in good faith to use its general revenue-producing powers. GFGOs may also be secured by the full faith and credit of the Issuer, and bondholders may be repaid from all sources of revenue the Issuer is entitled to receive. Voter approval is often not required for GFGOs.
All the Bonds
Learn more about the various types of municipal obligations you may encounter.
See Also
Start with the Bond Basics
Hundreds of Terms and Concepts
Special Tax Bond
Tax-based revenue bonds that are secured by revenues derived from one or more designated taxes levied for a specific purpose, including income taxes, excise taxes (such as taxes on tobacco, alcoholic beverages, fuel, etc.), special assessments, hotel occupancy taxes, sales taxes and limited ad valorem taxes.