The provisions of this article shall apply only to the reallocation of bonded indebtedness of a school district on general obligation bonds under one of the following conditions:
(a) The bonded indebtedness was approved by the voters prior to July 1, 1978.
(b) The bonded indebtedness was incurred for the acquisition or improvement of real property and was approved on or after July 1, 1978, by two-thirds of the votes cast by the voters voting on the proposition.
(Amended by Stats. 1990, Ch. 208, Sec. 1.)