2.15.1. General Obligation Bonds
GO bonds are sold to fund the general operating expenses of the municipal government or to provide funds for capital improvement projects, such as roads, parks, courthouses, and schools. They are backed by the full faith and credit of the issuer, which means that the issuer must use its full taxing and borrowing authority to ensure the timely payment of principal and interest.
Voter approval is often required for the issuance of genera