Which of the following is not typically associated with revenue bond transactions?

A full faith and credit pledge is typically associated with general obligation bonds, not revenue bonds. Revenue bonds are secured by specific revenue sources generated from projects or operations (like tolls from a toll road or fees from a utility service) and do not have the backing of the issuer's overall creditworthiness or tax revenue. Instead, when dealing with revenue bonds, the focus is on the revenue stream that supports the bond rather than an overarching pledge of governmental resources.

In the context of revenue bond transactions, a debt service reserve requirement is often included to safeguard against fluctuations in revenue, ensuring there's a reserve available to cover debt service payments in lean times. Similarly, a debt service coverage test is employed to ensure adequate revenue generation relative to the bond's obligations, providing assurance that the income generated is sufficient to meet the debt payment requirements. A trust indenture is a common legal document in which the terms of the bond issue are outlined, including the rights of bondholders and details regarding revenue application. Each of these elements is intrinsic to the structure and security of revenue bonds, differentiating them from general obligation bonds reliant on broader government pledges.