general obligation

简明释义

一般义务

英英释义

例句

1.The city issued bonds to finance a new park, which are backed by the general obligation 一般责任 of the municipality.

该市发行债券以资助新公园，这些债券由市政府的general obligation 一般责任担保。

2.When assessing credit risk, analysts often look at a municipality's general obligation 一般责任 ratings.

在评估信用风险时，分析师通常会查看市政当局的general obligation 一般责任评级。

3.Investors prefer general obligation 一般责任 bonds because they are considered safer than revenue bonds.

投资者更喜欢general obligation 一般责任债券，因为它们被认为比收入债券更安全。

4.The state has a general obligation 一般责任 to fund public education.

州政府有一项general obligation 一般责任来资助公共教育。

5.A general obligation 一般责任 bond is secured by the full faith and credit of the issuing authority.

一项general obligation 一般责任债券由发行机构的全部信任和信用担保。

作文

In the realm of public finance, the term general obligation refers to a type of bond that is backed by the full faith and credit of the issuing government entity. This means that the government pledges to use its taxing power to repay the debt, which provides a level of security for investors. The concept of general obligation bonds is crucial for understanding how municipalities fund various projects, such as infrastructure improvements, schools, and public services. By issuing these bonds, governments can raise capital without immediately raising taxes, allowing them to invest in essential services while spreading the cost over time.The significance of general obligation bonds lies in their perceived safety. Since they are backed by the government’s ability to tax, investors often view them as low-risk investments. This safety attracts a wide range of investors, including individuals, pension funds, and mutual funds, creating a robust market for these financial instruments. The interest rates on general obligation bonds are typically lower than those on revenue bonds, which are repaid from specific revenue sources, such as tolls or fees. This difference reflects the lower risk associated with general obligation bonds.Moreover, the issuance of general obligation bonds is often subject to voter approval, especially when it involves significant amounts of money. This democratic process ensures that citizens have a say in the financial decisions that affect their community. For instance, a city may propose a bond measure to fund the construction of a new school or to upgrade public transportation systems. If the measure receives enough support during an election, the city can proceed with the issuance of general obligation bonds to finance these projects.However, the reliance on general obligation bonds also raises concerns about fiscal responsibility. Governments must carefully manage their debt levels to avoid overextending themselves. Excessive borrowing can lead to higher taxes in the future, which may burden taxpayers and hinder economic growth. Therefore, while general obligation bonds provide a necessary tool for funding public projects, they must be used judiciously.In conclusion, general obligation bonds play a vital role in the financing of public projects and services. They offer a secure investment option for investors and allow governments to fund essential infrastructure without immediate tax increases. However, the potential risks associated with excessive borrowing must be managed to ensure long-term fiscal health. Understanding the dynamics of general obligation bonds is essential for anyone interested in public finance and the ways in which governments can effectively serve their communities. The balance between responsible borrowing and the need for development is a critical aspect of modern governance, making the study of general obligation bonds both relevant and important.

在公共财政领域，术语general obligation指的是一种由发行政府实体的全力信用担保的债券。这意味着政府承诺利用其征税权来偿还债务，这为投资者提供了一定的保障。general obligation债券的概念对于理解市政如何资助各种项目至关重要，例如基础设施改善、学校和公共服务。通过发行这些债券，政府可以筹集资金，而不必立即提高税收，从而使其能够投资于必要的服务，同时将成本分摊到未来。general obligation债券的重要性在于其被认为是安全的。由于它们由政府的征税能力担保，投资者通常将它们视为低风险投资。这种安全性吸引了广泛的投资者，包括个人、养老金基金和共同基金，创造了一个强大的市场。general obligation债券的利率通常低于收益债券的利率，后者是从特定收入来源（如通行费或费用）偿还的。这一差异反映了与general obligation债券相关的较低风险。此外，发行general obligation债券通常需要选民批准，特别是在涉及重大金额时。这一民主过程确保公民在影响其社区的财务决策中有发言权。例如，一个城市可能会提出一项债券措施，以资助新学校的建设或升级公共交通系统。如果该措施在选举中获得足够的支持，该城市可以继续发行general obligation债券来为这些项目融资。然而，对general obligation债券的依赖也引发了对财政责任的担忧。政府必须仔细管理其债务水平，以避免过度扩张。过度借贷可能导致未来税收增加，这可能会给纳税人带来负担，并阻碍经济增长。因此，虽然general obligation债券提供了资助公共项目的必要工具，但必须谨慎使用。总之，general obligation债券在公共项目和服务的融资中发挥着至关重要的作用。它们为投资者提供了安全的投资选择，并使政府能够在不提高即时税收的情况下资助必要的基础设施。然而，与过度借贷相关的潜在风险必须得到管理，以确保长期的财政健康。理解general obligation债券的动态对于任何对公共财政及政府如何有效服务其社区感兴趣的人来说都是至关重要的。负责任的借贷与发展需求之间的平衡是现代治理的一个关键方面，使得对general obligation债券的研究既相关又重要。