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. (Acts 1909, No. 212, p. 253; Code 1923, §2069; Code 1940, T. 37, §386.)
Purchaser to Assume Payment of Existing Bonded Indebtedness Upon Plant
Ala. Code § 11-50-151, under Sale, Lease, Etc., of Electric, Gas or Waterworks Plants by Municipalities.
Ala. Code § 11-50-151