Sec. 1. The department shall distribute the amount appropriated by the general assembly for distribution as state tuition support in accordance with this article. If the appropriations for distribution as state tuition support are more than required under this article, any excess shall revert to the state general fund. The appropriations for state tuition support shall be made each state fiscal year under a schedule set by the budget agency and approved by the governor. However, the schedule must provide:
(1) for at least twelve (12) payments;
(2) that one (1) payment shall be made at least every forty (40) days; and
(3) the total of the payments in each state fiscal year must equal the amount required under this article.