(a) Two contiguous school districts may adjust their common boundary by agreement if, at the time the agreement is executed:
(1) no child who resides in the territory that is transferred from one jurisdiction to the other is enrolled in a school of the district from which the territory is transferred; and
(2) the taxable value of the territory that is transferred from one jurisdiction to the other does not exceed one-tenth of one percent of the total taxable value of all property in the school district from which the territory is transferred.
(b) In this section, "taxable value" has the meaning assigned by Section 403.302, Government Code.