The Division of Debt Management and Capital Planning is involved in the issue of all general obligation and certain special revenue bonds of the State of Alabama.
General Obligation Bonds pledge the full faith and credit of the State and are payable from taxes and other general revenue sources. General Obligation Bond issues are authorized by Constitutional Amendments.
Revenue Bonds or Special Revenue Bonds are limited obligations that are generally issued by public corporations of the State that are established by Acts of the Legislature. Specific revenues are pledged for the payment of principle and interest.
Grant Anticipation Bonds pledge the receipts of a particular grant for the payment of principle and interest on the bonds.