The obligations of member municipalities to the authority shall constitute general obligations thereof and they shall annually appropriate a sum sufficient to meet the same. Neither the obligations of the authority nor such obligations of the member municipalities shall be included in computing the borrowing capacities of the member municipalities. But the authority's debt service, to the extent apportioned to the member municipalities, shall be considered indebtedness of the member municipalities for the purpose of any law relating to the levy of taxes. (P.L. 1969, ch. 110, § 9.)