Words You Need to Know

Abstract

GENERAL OBLIGATION BONDS (PROPOSTION F)— These bonds are used to pay for large public projects that do not raise revenues. For example, these bonds have been used to construct museums, police stations, jails, libraries, and other public facilities. Normally, a two-thirds majority of the voters must approve the sale of general obligation bonds. If the bonds are issued by a school district, they require a 55% majority vote for approval. General obligation bonds are repaid by property tax money.