- Alaska Statutes.
- Title 37. Public Finance
- Chapter 14. Trust Funds
- Section 520. Powers and Duties of the Commissioner of Revenue.
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. Net Income Account.
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. Use of Fund.
AS 37.14.520. Powers and Duties of the Commissioner of Revenue.
The commissioner of revenue is the treasurer of the fund and has the power and duty to
- (1) act as official custodian of the cash and investments belonging to the fund by securing adequate and safe custodial
- (2) receive all items of cash and investments belonging to the fund;
- (3) collect the principal and income from investments owned or acquired by the fund and deposit the amounts in separate
principal and income accounts for the fund;
- (4) invest and reinvest the assets of the fund 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 fund;
- (6) maintain accounting records of the fund in accordance with investment accounting principles and with distinction
between the principal and income accounts of the fund;
- (7) engage an independent firm of certified public accountants to annually audit the financial condition of the fund's
investments and investment transactions;
- (8) enter into and enforce contracts or agreements considered necessary for the investment purposes of the fund;
- (9) report to the commission the condition and investment performance of the fund;
- (10) do all acts, whether or not expressly authorized, that the commissioner of revenue considers necessary or proper in
administering the assets of the fund.
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