(a) Immediately after taking office, an initial regular board shall create a risk management fund. The fund must include:
(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) all other income received by the pool.
(b) The board shall manage and invest the money in the fund in the manner provided by the plan of operation.