public bond

public bond
A bond issued by a state, municipality, or other public body, usually, although not necessarily, under seal, constituting a promise binding the obligor to pay a sum of money to the holder thereof or to bearer, and, where made payable to order, or to bearer, having all the qualities of commercial paper. 43 Am J1st Pub Sec § 6.

Ballentine's law dictionary. . 1998.

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