Public debt
Black's Law Dictionary · Henry Campbell Black, M.A. · 1910
Black's Law Dictionary
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.