Any school district of the first, first A, second, third or fourth class establishing or participating in the establishment of an area career and technical school or a technical institute, individually, or jointly, with two or more districts, shall have the same power and authority to levy taxes to pay or to pay its share of buildings, grounds, equipment, operating expenses and other necessary expenses to establish, maintain and operate such school or institute as it has to levy taxes, to purchase land, construct and equip buildings, and operate elementary schools and any additional schools and departments as defined in section 502¹ of this act.