What are Certificates of Obligation commonly referred to as?

Certificates of Obligation are commonly referred to as CONs for purchasing assets because they are a type of debt instrument issued by municipalities to finance the acquisition of various public assets, such as infrastructure, buildings, or equipment. The term "Certificates of Obligation" denotes that the issuing municipality is obligated to repay the principal and interest from future tax revenues or other funds, making it a vital financing tool for local governments without needing a voter referendum. Communities utilize these certificates primarily for projects that are essential to local development and public welfare, which aligns with the description of purchasing assets.