(a) Unless otherwise provided by law, there shall be deposited in the state treasury in trust all contributions collected under AS 39.30.010 - 39.30.080.
(b) The department has power, authority, and jurisdiction over this trust and may perform all acts whether or not specifically designated that are necessary to the administration of this trust.
(c) This trust shall be used and administered exclusively for the purpose of AS 39.30.010 - 39.30.080. Withdrawals may be made only for
(1) payment of amounts required to be paid to the secretary of the treasury by an agreement entered into under AS 39.30.010;
(2) payment of the refunds provided for in AS 39.30.020(c); and
(3) refunds of overpayments, not otherwise adjustable, made by a political subdivision or instrumentality.