(a) The Texas University Fund is a fund outside the state treasury held by the comptroller and administered by the trust company.
(b) The trust company shall administer and invest the fund in accordance with Section 20, Article VII, Texas Constitution.
(c) The trust company shall determine the amount available for distribution from the fund in accordance with a distribution policy adopted by the comptroller that is designed to:
(1) preserve the purchasing power of the fund's assets over an economic cycle, subject to the liquidity needs of the fund; and
(2) provide as nearly as practicable a stable and predictable stream of annual distributions.