Webster's English Dictionary

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billboard

1. bill.board \'bil-.bo-(*)rd, -.bo.(*)rd\ n : a projection or ledge fixed 
   on the bow of a vessel for the anchor to res t on
2. billboard n [4bill + board] : a flat surface (as of a panel, wall, or 
   fence) on which bills are posted ; specif : a large panel designed to carry 
   outdoor advertising