The terms of the Alaska Municipal League Investment Pool, Inc. Common Investment Agreement in effect on the effective date of the ordinance adopting this code (“agreement”), adopted by reference, are approved. The Haines Borough is authorized (1) to become a member of the corporation, and (2) to enter into the agreement and such other documents as are necessary to effectuate that membership and agreement. The mayor or the mayor’s designee is authorized to execute those documents necessary to establish the borough as a member of the Alaska Municipal League Investment Pool, Inc. (the “corporation”) and for the borough to enter into the agreement with no further approval or authorization required by the assembly. Should the borough hereafter enter into the agreement, it shall accept and be bound by the terms and conditions of the agreement, and the Articles of Incorporation and bylaws of the corporation.