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(1) The precincts and school districts in the annexed territory:
(a) continue;
(b) become precincts and school districts in the annexing county; and
(c) remain as then organized until changed in the manner provided by law.
(2) The officers of those precincts and school districts hold their respective offices until the expiration of their terms.
(3) If a precinct or school district is divided because of a county annexation under this part:
(a) the precinct or school district is disorganized, and the property and territory embraced in the precinct or school district is subject to the action of the county legislative body of the respective counties; and
(b) any bonded or other indebtedness of a school district attaches to and becomes the obligation of the district that is created out of the territory that retains the buildings and other property of the original district.