If there is any bonded indebtedness existing which was incurred in the purchase or construction of such electric plant, gas plant or waterworks plant and which is a lien upon the plant, the purchaser shall assume the payment of such bonded indebtedness.
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.