Sec. 62.304.  ASSUMPTION OF BONDED DEBT.  (a)  Unless a majority of the electors of each of the districts approves it, the annexing district and the district to be annexed may not assume the outstanding bonded debt of the other.
(b)  Annexation shall in no way affect the outstanding debt or any other valid obligation of either the annexing district or the district to be annexed.
Acts 1971, 62nd Leg., p. 110, ch. 58, Sec. 1, eff. Aug. 30, 1971.