(a) Any 2 or more political subdivisions may enter into agreements with each other, duly authorized by ordinance or resolution, as may be appropriate, for joint action pursuant to this subchapter. Concurrent action by the governing bodies of the political subdivisions involved shall constitute joint action.
(b) Each such agreement shall specify its term; the proportionate interest which each political subdivision shall have in the property, facilities and privileges involved, and the proportion of preliminary costs, costs of acquisition, establishment, construction, enlargement, improvement and equipment, and of expenses of maintenance, operation and regulation to be borne by each, and make such other provisions as may be necessary to carry out this subchapter. It shall provide for amendments thereof and for conditions and methods of termination; for the disposition of all or any part of the property, facilities and privileges jointly owned if the property, facilities and privileges, or any part thereof, shall cease to be used for the purposes herein provided or if the agreement shall be terminated, and for the distribution of the proceeds received upon any such disposition, and of any funds or other property jointly owned and undisposed of, and the assumption or payment of any indebtedness arising from the joint venture which remains unpaid, upon any such disposition or upon a termination of the agreement.