Sec. 37.14.610. Duties of the commissioner.
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Sec. 37.14.610. Duties of the commissioner.
The commissioner of revenue has the power and duty to
(1)act as official custodian of the cash and investments belonging to the Arctic Winter Games Team Alaska trust by securing adequate and safe custodial facilities;
(2)exercise the same powers and duties as those established for the Alaska Retirement Management Board in AS 37.10.220 ;
(3)invest the assets of the trust in a manner likely to yield at least five percent real rate of return over time;
(4)maintain accounting records of the trust in accordance with investment accounting principles;
(5)enter into and enforce contracts or agreements considered necessary for the investment purposes of the trust;
(6)report annually to the board of directors of the Arctic Winter Games Team Alaska the condition and performance of the trust;
(7)monitor use of trust money by the Arctic Winter Games Team Alaska; and
(8)do all acts that the commissioner of revenue considers necessary or proper in administering the assets of the trust.