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What is the difference between limited and unlimited general obligation bonds?

Limited and unlimited general obligation bonds are both backed by the general revenues of the issuing municipality, but they differ in their ability to levy taxes in order to pay bondholders. Limited GO bonds have a limit on how much the bond issuer can raise taxes to pay back debtholders.

What are the different types of general obligation bonds?

There are two basic kinds of general obligation bonds: Limited tax general obligation (LTGO) bonds (also called "councilmanic" bonds or non-voted debt), may be issued by a vote of the legislative body.

What is a general obligation bond?

General obligation bonds issued by local governments are secured by a pledge of the taxing district’s property tax authority. General obligation bonds have been the traditional form of financing for capital projects such as land acquisition, park development, and transportation projects that are owned and operated by government.

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