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

1. (1) act as official custodian of the cash and investments belonging to the fund by securing adequate and safe custodial facilities;
2. (2) receive all items of cash and investments belonging to the fund;
3. (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. (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. (5) exercise the powers of an owner with respect to the assets of the fund;
6. (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. (7) engage an independent firm of certified public accountants to annually audit the financial condition of the fund's investments and investment transactions;
8. (8) enter into and enforce contracts or agreements considered necessary for the investment purposes of the fund;
9. (9) report to the commission the condition and investment performance of the fund;
10. (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.