Full Faith-and-Credit Obligation

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Full Faith-and-Credit Obligation

A bond secured by an unconditional promise to pay by another entity. The term usually refers to a debt security backed by the United States government. For example, a U.S. Treasury security and a Ginnie Mae pass-through are both full faith-and-credit obligations. These securities carry very low risk.
References in periodicals archive ?
2 billion are outstanding, are full faith and credit obligations of the state, secured by gross receipts taxes constitutionally required to be deposited in the public education capital outlay and debt service trust fund.
The medium term notes, as with all other FQ debt obligations, are unconditional full faith and credit obligations of the Province of Quebec.
5 million unlimited tax full faith and credit obligations (Self-Insurance Liability Funding Program) Series 1992 of Prince George's County, Maryland, are rated 'AA-' by Fitch.
The bonds are scheduled to price competitively on July 7th and are full faith and credit obligations of the county payable from an unlimited ad valorem tax on all taxable property within the county.
Treasury securities and other obligations that, by their terms, are full faith and credit obligations of the U.
The bonds are full faith and credit obligations of Palm Beach County, payable from an unlimited ad valorem tax on all taxable property within the corporate boundaries of the county.