(a) On taking office, the initial regular board shall create the county government risk management fund.
(b) The board shall credit to the fund:
(1) fees, contributions, and premiums collected by the pool;
(2) investments of money in the fund;
(3) interest earned on investments made by the pool; and
(4) any other income received by the pool from any sources.

(c) The board shall manage and invest the money in the fund in the manner provided by the plan. The money in the fund shall be used to pay liability claims and judgments against participating counties up to the limits of the coverage provided by the pool. Money in the fund also may be used to pay the administrative and management costs of the pool and the fund up to the limits provided by the plan.