That which is due or owing by the government of a state or nation. The terms ” public debt ” and “public securities,” used in legislation , are terms generally applied to national or state obligations and dues, and would rarely, if ever, be construed to include town debts or obligations; nor would the term “public revenue” ordinarily be applied to funds arising from town taxes. Morgan v. Cree, 46 Vt. 773, 14 Am. Rep. 640.
Black’s Law Online Dictionary
