To meet the cost of such acquisition and construction such municipalities are severally authorized to incur indebtedness pursuant to the provisions of article 1 of chapter 1 of this title (s. 40:1-1 et seq.).

The obligations so incurred shall be the several obligations of each municipality entering into the joint proposal authorized by this article notwithstanding the title to the land so acquired, and the buildings thereon erected shall be held under the joint ownership of such municipalities.