The student tuition recovery authority may:
(A) Adopt bylaws for the regulation of its affairs and the conduct of its business;
(B) Maintain a principal office at such place within the state as is designated by the authority;
(C) Direct moneys to be paid by the surety on the bond required by section 3332.08 of the Revised Code and distribute moneys from the student tuition recovery fund to or on behalf of students who are determined eligible by the authority;
(D) Reduce contributions to or utilize excess money in the fund, as provided in division (C) of section 3332.085 of the Revised Code.