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) To have and use an appropriate descriptive name;
(2) To sue and be sued in its own name;
(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) To borrow money and give security therefor; and
(5) To engage exclusively in transactions authorized or required by this chapter, or reasonably incidental thereto.