Lat. Having fulfilled the function, discharged the office, or accomplished the purpose, and therefore of no further force or authority. Applied to an officer whose term has expired, and who has consequently no further official authority; and also to an instrument, power, agency, etc., which has fulfilled the purpose of its creation, and is therefore of no further virtue or effect. FUND, v. To capitalize with a view to the production of interest. Stephen v. Milnor, 24 N. J. Eq. 376. Also, to put into the form of bonds, stocks, or other securities, bearing regular interest, and to provide or appropriate a fund or permanent revenue for the payment thereof. Merrill v. Monticello (C. C.) 22 Fed. 596. —Funded debt. To fund a debt is to pledge a specific fund to keep down the interest and reduce the principal. ‘bhe term “fund” was originally applied to a poricn of the national revenue set apart or pledged to the payment of a particular debt. Hence, as applied to the pecuniary obligations of states or municipal corporations, a funded debt is one for the payment of which (interest and principal) some fund is appropriated, either specifically, or by provision made for future taxation and the guasi pledging in advance of the public revenue. Ketchum v. Buffalo, 14 N. Y. 356; People v. Carpenter, 31 App. Div. 603, 52 N. Y. Supp. 781. As applied to the financial management of corporations (and sometimes of estates in course of administration or properties under receivership) funding means the borrowing of a sufficient sum of money to discharge a variety of floating or unsecured debts, or debts evidenced by notes or secured by bonds but maturing within a short time, and creating a new debt in lieu thereof, secured by a general mortgage, a series of bonds, or an issue of stock, generally maturing at a more remote period, and often at a lower rate of interest. The new debt thus substituted for the pre-existing debts is called the “funded debt.’ See Ketchum v. Buffalo, 14 N. Y. 356; People v. Carpenter, 31 App. Div. 603, 52 N. Y. Supp. 781; wrey v. Sterling, 41 Or. 518. 69 Pac. 460. This term ts very seldom applied to the debts of a private individual; but when so used it must be understood as referring to a debt embodied in securities of a permanent character and to the payment of whicd certain property has been appee or pledged. Wells v. Wells (Super. N. Y.) 4,N. Y. Supp. 874.—Funding system. The practice of borrowing money to defray the exae of government, and creating a “sinking und,” designed to keep down interest, and to effect the gradual reduction of the principal debt. Merrill v. Monticello (C. C.) 22 Fed. 596. FUND, n. A sum of money set apart for a specific purpose, or available for the payment of debts or claims. In its narrower and more usual sense, “fund” signifies ‘‘capital,” as opposed to “interest’”’ or ‘income ;”’ as where we speak of a corporation funding the arrears of interest due on its bonds, or the like, meaning that the interest is capitalized and made to bear interest in its turn until it is repaid. Sweet. In the plural, this word has a variety of slightly different meanings, as follows: 1. Money in hand; cash; money available for the payment of a debt, legacy, etc. Ga-