1. Chapter 48.52 RCW authorizes school districts and educational service districts to join together to create a risk management pool pursuant to chapter 39.34 RCW, the Interlocal Cooperation Act. The risk management pool thus created may take the form of a separate legal or administrative entity. 2. The Interlocal Cooperation Act does not authorize the exercise of any new substantive powers by the public agencies that enter into interlocal cooperation agreements. Since educational service districts do not have the authority to issue short-term obligations, a separate legal entity created by educational service districts and school districts does not have the authority to issue short-term obligations.