In accordance with this subtitle, Montgomery County is authorized to create a body corporate and politic to be known as the Montgomery County Student Loan Refinancing Authority. The purpose of the Authority is to provide a system of financial assistance consisting of affordable grants, loans, and other aids to enable Montgomery County residents, graduates of the county public school system, individuals employed by the county government or public school system, and other individuals as determined by the Authority, to obtain a postsecondary education.

Before Montgomery County may establish the Montgomery County Student Loan Refinancing Authority, the county shall: Study aspects of implementing the Authority in accordance with State and county law, including: Performing a feasibility and demand study; Assessing the potential benefit to recruitment and retention of county and school system employees; and Studying the operation of similar programs in other systems, including operating costs; Hold public hearings; and Provide an opportunity for public comment. If Montgomery County decides to establish the Authority as authorized in § 18–3101 of this subtitle, the county’s governing body must pass an ordinance that creates the Authority in accordance with this subtitle.

If Montgomery County establishes the Montgomery County Student Loan Refinancing Authority, the Authority shall meet the requirements of this section. The Montgomery County Student Loan Refinancing Authority shall be subject to: The Montgomery County public ethics law; and The Open Meetings Act under Title 3 of the General Provisions Article. If the Montgomery County Student Loan Refinancing Authority is granted the power to issue bonds for the purpose of making loans to finance postsecondary education, any bonds issued by the Authority shall be obligations of the Authority only and not of Montgomery County or the State. The provisions of the Montgomery County Charter do not apply to the Authority unless the governing body of Montgomery County expressly provides by law that a charter provision applies to the Authority.