(a) When a transfer of school territory is effective for election purposes as provided in Kan. Stat. Ann. § 72-523, electors residing in the territory transferred shall be entitled to vote, if otherwise qualified, in elections of the receiving district and may not vote in elections of the giving district.

(b) For the purpose of determining tax liability for bonds issued or other indebtedness incurred under the provisions of Kan. Stat. Ann. § 10-119, the effective date of the transfer of school territory for bonds issued or other indebtedness incurred shall be the same as the effective date for election purposes as provided in subsection (a) of this section. Residents of the territory transferred shall be liable for bonds issued and other indebtedness incurred by the receiving district on such date or thereafter. Residents of the territory transferred shall not be liable for bonds issued and other indebtedness incurred by the giving district on or after such date.