GroundRules
Ala. Code § 11-50-151: Purchaser to Assume Payment of Existing Bonded Indebtedness Upon Plant.
Where this section sits in the code
- 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.
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.
Collected 2026-09-03T14:01:51Z. Source file · JSON