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Simple English definitions for legal terms

full-faith-and-credit bond

Read a random definition: Fugitive Felon Act

A quick definition of full-faith-and-credit bond:

A full-faith-and-credit bond is a type of bond that is backed by the government's promise to use all of its resources to repay the bondholders. This means that if the government cannot pay back the bond, it will use its taxing power to raise the necessary funds. It is similar to a general-obligation bond, which is also backed by the government's promise to repay the bondholders.

A more thorough explanation:

Definition: A full-faith-and-credit bond is a type of bond that is backed by the full faith and credit of the issuer, usually a government entity. This means that the issuer pledges to use all available resources to repay the bondholders, including raising taxes if necessary.

Example: A city issues a full-faith-and-credit bond to finance the construction of a new school. The bondholders are assured that the city will use all available resources to repay the bond, including raising taxes if necessary.

Explanation: The example illustrates how a full-faith-and-credit bond works. The bond is backed by the full faith and credit of the issuer, which means that the issuer pledges to use all available resources to repay the bondholders. In this case, the city is the issuer and the bond is being used to finance the construction of a new school. The bondholders are assured that the city will use all available resources to repay the bond, including raising taxes if necessary. This makes the bond a relatively safe investment, as the bondholders are unlikely to lose their investment even if the city experiences financial difficulties.

Full Faith and Credit Act | Full Faith and Credit Clause

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@JumpySubsequentDolphin: LITERALLY I also just applied to work at garage cuz 50% EMPLOYEE DISCOUNT
m10
20:43
Or legacy collection v1
JumpySubsequentDolphin
20:43
@SplitterusClitterus: GARAGE JEANS FIT ME SO WEIRDLY WHICH SUCKS BC THEYRE SO CUTE
m10
20:43
The cool thing about V2 was it was an infinitely generating collection so they would have never sold out but they ended it early cus of the bear market.
@JumpySubsequentDolphin: NAURRR i need to try them on to see. ive never owned anything from them exceot maybe a tank in middle school?? but ive been a longtime lurker/windowshopper/fan
JumpySubsequentDolphin
20:45
SPLITTY if their jeans fit on my thighs they’re too big on my waist!!! it’s so frustrating
NOOO THEIR WHITE GIRL JEANS actually idk why im surprised
THEYRE**** THAT WAS AUTOCORREXT I SWEAR
babycat
20:46
@m10: infinitely generating means it comes up with new pictures? or new copies of the same pictures?
JumpySubsequentDolphin
20:46
if you’re the slightest bit curvy they are so obnoxious. me and my Abercrombie curve love’s are good together
SHUT UP I LOVE ABERCROMBIE JEANS
m10
20:47
Did y'all see this from ararara last night? https://studicata.com/case-briefs/all/
THOSE FIT SOO GOOD. i desperately need new jeans tho i ahvent gone shopping in millennia so a discount would come in clutch
JumpySubsequentDolphin
20:48
I got these jeans from re/done on a crazy sale and I love them BYT RHEY HAVE FIVE BUTTONS
JumpySubsequentDolphin
20:48
I DIDNT REALIZE WHEJ I BOUGHT THEM BC THEYRE HIDDEN. LIKE INSTEAD OF A ZIPPER THEYREBALL BUTTONS
JumpySubsequentDolphin
20:48
what if I have to pee.
THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
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