(a) The commissioner shall invest, as set out in AS 37.10.071, the money in the state treasury above an amount sufficient to meet immediate expenditure needs. In managing the invested assets, the commissioner shall
(1) consider the status of the assets and liabilities on both a current and a probable future basis;
(2) determine the appropriate investment objectives;
(3) establish investment policies to achieve the objectives; and
(4) act only in regard to the best financial interests of the state.
(b) The commissioner may invest on the basis of probable total rate of return without regard to the distinction between principal and income and without regard to the generation of income.
(c) In this section, “commissioner” means the commissioner of revenue.
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