If the result of such election shall be in favor of a sale, lease, or disposition of the plant, the board of aldermen or other governing body of the city or town may proceed to sell, lease, or dispose of the electric light plant, gas plant, or waterworks plant owned by such city or town at a price not less than the minimum price fixed as provided in Section 11-50-142, and upon such terms and time of payment as to the said board of aldermen or governing body may seem best, but if there are deferred payments, the same must be secured by a lien on the plant sold or disposed of.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 50 - Public Utilities.
Article 4 - Sale, Lease, etc., of Electric, Gas or Waterworks Plants by Municipalities.
Section 11-50-140 - Definitions.
Section 11-50-141 - Authorized.
Section 11-50-142 - Passage of Resolution by Governing Body Providing for Sale, Lease, Etc.
Section 11-50-143 - Ordering of Special Election for Authorization of Sale, Lease, Etc.
Section 11-50-144 - Calling of Election.
Section 11-50-145 - Notice of Election.
Section 11-50-147 - Qualifications for Voting; Provision of Ballots; Conduct of Election Generally.
Section 11-50-148 - Form and Marking of Ballots.
Section 11-50-150 - Execution of Sale, Lease, etc., by Governing Body and Terms Thereof.
Section 11-50-151 - Purchaser to Assume Payment of Existing Bonded Indebtedness Upon Plant.