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full faith and credit
(redirected from Full Faith and Credit Pledge)

   Also found in: Dictionary/thesaurus, Financial 0.01 sec.

full faith and credit n. the provision in Article IV, Section 1 of the U. S. Constitution which states: "Full faith and credit shall be given in each State to the public acts, records and judicial proceedings of every other state." Thus, a judgment in a lawsuit or a criminal conviction rendered in one state shall be recognized and enforced in any other state, so long as the original judgment was reached by due process of law. Each state has a process for obtaining an enforceable judgment based on a "foreign" (out-of-state) judgment.



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The rating reflects the city's full faith and credit pledge (GO debt rated triple-'B').
Debt ratios exclude outstanding metropolitan district debt, which is paid from rates and charges generated by the self-supporting water and sewer district, although it is secured by the county's full faith and credit pledge.
The general obligation refunding bonds are secured by the district's full faith and credit pledge, payable primarily from an unlimited ad valorem property tax pledge.
 
 
 
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