(a) Except as otherwise provided in this section, all real and personal property, indebtedness and rental obligations to an approved school building authority or nonprofit corporation, if any, of former school districts composing any school district constituted and deemed established pursuant to this subdivision (i) shall become the property, indebtedness and rental obligations of such newly established school district. All rights of creditors against any of the component former school districts shall be preserved against the newly established school district. All property theretofore vested in the component former school districts shall become vested in the newly established school district, and all debts and taxes owing to the component former school districts, uncollected in the several component former school districts, and all moneys in the treasuries of the component former school districts, shall be paid to the treasurer of the newly established school district.

(b) All obligations of any component former school district evidenced by funding bonds issued after September 12, 1961, for the purpose of funding unfunded debt contracted for current operating expenses, shall continue to be an obligation of the taxable property within such former component school district and any sinking fund created on account of such indebtedness shall remain the separate sinking fund for such bonds. In levying and assessing taxes for the first school year of operation, the interim operating committee, and in levying and assessing such taxes for each subsequent school year, the board of school directors of the newly established school district, shall levy and assess, upon the taxable property within such component former school district for which bonds issued after September 12, 1961, for the purpose of funding unfunded debt contracted for current operating expenses shall be outstanding, a tax in addition to all other school district taxes, in an amount sufficient to discharge the obligation of such component former school district, as set forth pursuant to section 207 of the Municipal Borrowing Law,¹ in the resolution increasing the indebtedness of such component former school district for such purpose. If such funding bonds shall be a part of an issue of bonds issued partly for other purposes, such funding bonds shall be deemed to be the bonds of such issue which mature first: Provided, however, if any district of the second, third or fourth class is merged into and becomes part of any district of the first class A as a reorganized or newly established school district, the reorganized or newly established district, for its first year of operation and for every subsequent year, shall levy and assess the aforesaid tax on the territory comprising the district of the second, third or fourth class merged into and becoming a part of the school district of the first class A: Provided further, That by agreement in writing approved by a majority vote of the directors of the district of the second, third or fourth class merged into and becoming a district of the first class A as a reorganized or newly established school district, and the directors of the district of the first class A, entered into prior to the effective date of reorganization, the provisions of this subsection may be waived.