Sec. 33. The board of directors of a public transportation corporation may contract with any person upon the terms and conditions the board considers best for the corporation including the following:
(1) Contracting for self-insurance protection of its property or liability under IC 34-13-3.
(2) Engaging in commissions or entering into agreements for the mutual insurance or sharing of risks for liability or property damage.
(3) Agreeing to join with other municipal corporations for the mutual risk sharing of losses due to casualty or acts of God.