Public Funds Law and Legal Definition

Public fund refers to the funds of every political division of a state wherein taxes are levied for public purposes. The term public fund also covers:

1. the revenue or money of a government, state, or municipal corporation; and

2. the bonds, stock, or other securities of a national or state government.

The term also refers to the government spending for acquisition of goods and services for current use to directly satisfy individual or collective needs of the members of the community.