(a) The oversight committee shall:
(1) hire a chief executive officer;
(2) annually set priorities as prescribed by the legislature for each grant program that receives money under this chapter; and
(3) consider the priorities set under Subdivision (2) in awarding grants under this chapter.
(b) The oversight committee may conduct a closed meeting in accordance with Subchapter E, Chapter 551, Government Code, to discuss issues related to managing, acquiring, or selling securities or other revenue-sharing obligations realized under the standards established as required by § 102.256.