Legal Definitions - public fund

Definition: A sum of money or other liquid assets established for a specific purpose, which includes coins, paper, bank deposits, and instruments representing investments of public money.

Examples:

• General Fund: A government's primary operating fund that supports the government and pays for discretionary appropriations.
• Contingent Fund: A fund created by a municipality to pay for expenses that will arise during the year but cannot be classified under any specific purpose.
• Client-Security Fund: A fund established by a state or state bar association to compensate people for losses suffered due to their attorneys' misconduct.

These examples illustrate how public funds are established for specific purposes and can be used to support government operations, pay for unforeseen expenses, or compensate people for losses. Public funds can include various types of assets, such as coins, paper, bank deposits, and investment instruments.