In addition to the inherent applicable powers of its public agency members and those of a joint powers entity, the trust fund of a joint public agency self-funded plan shall have power:

1. (1) To have and use an appropriate descriptive name;
2. (2) To sue and be sued in its own name;
3. (3) To contract in its own name. All such contracts in writing shall be signed by the chairman of the board or his or her designee;
4. (4) To borrow money and give security therefor; and
5. (5) To engage exclusively in transactions authorized or required by this chapter, or reasonably incidental thereto.

[41-4107, added 2006, ch. 415, sec. 1, p. 1274.]