### Question
How does the law define project obligation?


### Answer
Under *23 U.S.C. § 601*, **project obligation** is defined as:

> any note, bond, debenture, or other debt obligation issued by an obligor in connection with the financing of a project, other than a Federal credit instrument

#### Citation:
  - *23 U.S.C. § 601*
  - Heading: **CHAPTER 6-INFRASTRUCTURE FINANCE**

