Because a ________ requires legislative approval to appropriate the funds, it is classified as an appropriation-backed obligation.

Name: Because a ________ requires legislative approval to appropriate the funds, it is classified as an appropriation-backed obligation.
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Moral obligation bonds require legislative approval for the appropriation of funds to pay the debt, distinguishing them from other types of obligations that might have different mechanisms for securing or guaranteeing repayment.

Because a ________ Requires Legislative Approval to Appropriate the Funds