GENERAL OBLIGATION BOND Definition

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GENERAL OBLIGATION BOND (GO) is a municipal bond that represents the full taxing power of the issuing authority behind the repayment of principal and interest.

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BUSINESS RISK see OPERATING RISK.

NON-EXPENDABLE PROPERTY is durable (e.g., equipment and furniture), lasting for a year or longer, and generally has a high dollar value. Non-expendable property must be accounted for throughout its useful life.

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