A municipal bond whose principal and interest are payable from project revenues (i.e., a particular revenue source outside the general fund), while it is also secured by the taxing power of the issuer (i.e., it is a general obligation of the issuer). In other words, the bond has its debt service backed up by two different sources: revenue and general obligation. Therefore, if the net revenue falls short of servicing the debt, the issuer may use its taxing power to satisfy the obligation (e.g. by resorting to resources such as fines, collected back taxes, add valorem tax collection, etc).

This bond is also known as a double-barreled municipal bond.