para
This is the segment alignment. para
is short for "paragraph", which in this context means 16 bytes. So you're aligning the segment on a 16 byte boundary.
public
This is the segment combine type. public
means that all segments with this name should be concatenated into a single segment.
use16
This means that the segment will use 16-bit encoding for instruction by default, and that 32-bit instructions will need prefixed opcodes if they'd otherwise be ambigous.