The Collaborative International Dictionary of English v.0.48:

Disburse \Dis*burse"\, v. t. [imp. & p. p. Disbursed; p. pr. &
   vb. n. Disbursing.] [OF. desbourser, F. d['e]bourser; pref.
   des- (L. dis-) + bourse purse. See Burse, and cf.
   Dispurse.]
   To pay out; to expend; -- usually from a public fund or
   treasury.
   [1913 Webster]

         The duty of collecting and disbursing his revenues.
                                                  --Macaulay.
   [1913 Webster]

   Disbursing officer, an officer in any department of the
      public service who is charged with the duty of paying out
      public money.
      [1913 Webster]

WordNet (r) 3.0 (2006):

disburse
    v 1: expend, as from a fund [syn: disburse, pay out]