Sec. 3. (a) On July 1, 2027, the territory of the Union School Corporation is annexed as follows:
(1) All of the territory of the Union School Corporation that is located in Henry County is annexed to the Blue River Valley Schools School Corporation.
(2) All of the territory of the Union School Corporation that is located in Randolph County is annexed to the Monroe Central School Corporation.
(b) The Union School Corporation may not, after July 1, 2025, do any of the following:
(1) Issue new bonds.
(2) Enter into a lease.
(3) Otherwise incur any new obligations.