(b) In exercising the powers, duties, and responsibilities as trustee, the authority is under a duty to the public and the trust beneficiaries to

1. (1) administer the trust consistent with AS 37.14.009 in the interest of the beneficiaries;
2. (2) keep and render clear and accurate accounts with respect to the administration of the trust;
3. (3) make public and available complete and accurate information as to the nature and amount of the trust property;
4. (4) exercise a high degree of care in administering the trust;
5. (5) take reasonable steps to take and keep control of the trust property;
6. (6) use care and skill to preserve the trust property;
7. (7) take reasonable steps to realize on claims that are held in trust;
8. (8) defend against actions that may result in a loss to the trust estate, unless under all the circumstances, considering the other duties owed to the trust, it is reasonable not to make the defense;
9. (9) separately account for trust property;
10. (10) ensure that trust property is designated as property of the trust;
11. (11) use care and skill to make the trust property productive; however, nothing in this paragraph shall prevent the state from using trust property directly or indirectly, by contractual stipulation or otherwise, as a component of the state's mental health trust program; and
12. (12) deal impartially with the different trust beneficiaries as provided in AS 44.25.290.