All contracts and obligations of the state board of education, established under the 1908 state constitution, for the use and benefit of a specific institution are continued and are binding upon the board of control of that institution. If more than one institution will receive a benefit from a single contract and the state has an obligation, the boards of control of the institutions receiving the benefit shall divide and share the obligation in proportion to the benefit received. Such state board of education shall make appropriate arrangements with the board of control of each institution for the assignment of rights and duties under continuing contracts or obligations but such arrangement shall not impair the obligation of any contract or create a breach thereof. If an impairment or breach would otherwise occur, then the contract or obligation shall continue as that of such state board of education and its successor state board of education under the 1963 state constitution but for the use and benefit of the specific institution concerned.