The Board shall administer the Fund and for that purpose may:
1. Enter into all necessary contracts and agreements, including, without limitation, contracts and agreements to obtain the services of consultants, attorneys, auditors, accountants, actuaries and managers of risk.
2. Purchase appropriate insurance to cover that portion of a claim for which the Fund is liable and which exceeds an amount agreed upon by the Board and the insurer.
3. Employ personnel as necessary and prescribe their compensation and working conditions.
4. Rent, lease, purchase or otherwise procure or receive real or personal property.
5. Adopt regulations necessary for carrying out the provisions of NRS 428.115 to 428.255, inclusive.