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Simple English definitions for legal terms
public fund
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A quick definition of public fund:
A public fund is money that belongs to the government. It can be coins, paper money, or even bank deposits. The government uses this money to pay for things like schools, roads, and hospitals. Sometimes, people can get money from a public fund if they have been hurt in a car accident caused by someone who didn't have insurance.
A more thorough explanation:
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.