Alaska Statutes: AS 37.14.210. Powers and Duties of the Commissioner of Revenue.

Alaska Statutes. Title 37. Public Finance Chapter 14. Trust Funds Section 210. Powers and Duties of the Commissioner of Revenue.

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AS 37.14.210. Powers and Duties of the Commissioner of Revenue.

The commissioner of revenue is the treasurer of the trust and has the power and duty to

(1) act as official custodian of the cash and investments belonging to the trust by securing adequate and safe custodial facilities;
(2) receive all items of cash and investments belonging to the trust;
(3) collect the principal and income from investments owned or acquired by the trust and deposit the amounts in separate principal and income accounts for the trust;
(4) invest and reinvest the assets of the trust as provided in this section and as provided for the investment of funds under AS 37.14.170 ;
(5) exercise the powers of an owner with respect to the assets of the trust;
(6) maintain accounting records of the trust in accordance with investment accounting principles and with distinction between the principal and income accounts of the trust;
(7) engage an independent firm of certified public accountants to annually audit the financial condition of the trust's investments and investment transactions;
(8) enter into and enforce contracts or agreements considered necessary for the investment purposes of the trust;
(9) report to the board the condition and investment performance of the trust;
(10) do all acts, whether or not expressly authorized, that the commissioner of revenue considers necessary or proper in administering the assets of the trust.

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