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c 0 h. ., i. j. k. l. m. c OfnQZQPGloqq b. To pay for or provide such excess insurance or reinsurance coverage as is necessary to accomplish the purpose of the Fund. c. To borrow funds, issue bonds and other certificates of indebtedness, and arrange for lines or letters of credit to assist in providing the coverages provided in this Agreement to participating members. d. To pay for or provide appropriate liability and other types of insurance to cover the acts of the Board of Trustees of the Fund. e. To contract with appropriate professional service providers to meet the purposes of the Fund, and to expend funds for the reasonable operating and administrative expenses of the Fund, including but not limited to, all reasonable and necessary expenses which may be incurred in connection with the establishment of the Fund, in connection with the employment of such administrative, legal, accounting, and other expert or clerical assistance to the Fund, and in connection with the leasing and purchase of such premises, material, supplies and equipment as the Board, in its discretion, may deem necessary for or appropriate to the performance of its duties, or the duties of the Administrator or the other agents or employees of the Fund. f. To pay claims the Fund becomes legally obliged to pay pursuant to the coverage agreements entered into by and between the Fund and participating members. g. To establ ish and accumulate as part of the Fund adequate reserves to carry out the purposes of the Fund. To pay premiums on, and to otherwise secure or provide, insurance products that are ancillary to the coverages authorized by this Agreement. To invest and reinvest funds that may come into the possession of the Fund. To assume the assets and liabilities of the Programs. To take such actions and expend such funds as are reasonably necessary to facilitate the cessation of the business of the Programs. To exercise such powers as .are authorized to be exercised by trustees under and pursuant to the laws of Florida. To take such other actions and expend such funds as are reasonably necessary to accomplish the purposes of the Fund. Section 2. Approval of Members The Board of Trustees, after the inception of the Fund, shall receive applications for membership from prospective new participants in the Fund and shall approve applications for membership in accordance with the terms of this Agreement, any participation Agreement, applicable federal and state statutes and rules and regulations, and the rules and regUlations established by the Board of Trustees for the admission of new members into the Fund; provided, however, no prospective member may participate in the Fund unless such perspective member is an agency or political SUbdivision in or of the state. As used herein, the phrase "agency or political subdivision in or of the state" includes, but is not limited to, the state, its agencies, counties, municipalities, special districts, school districts, and other governmental entities; the. independent establishments and constitutional officers of the state, counties, municipalities, school districts, special districts, and other governmental entities; and corporations primarily acting as instrumentalities or agencies of []