PUBLIC DEBT

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.

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