Each county may establish a program of county scholarships for students of medicine, dentistry, or nursing, and may levy and pay any amount required for this purpose. The county council, board of county commissioners, or Mayor and City Council of Baltimore City may determine the amount to be awarded, the number of these scholarships, and the method of selecting the recipients. An award granted under this section: May not be held by the same student for more than 4 years; and May be used for educational expenses, including: Tuition and mandatory fees; Room and board; and Books. Each recipient of a scholarship under this section shall give a bond to the county, with security satisfactory to it, that after graduation he will practice his profession in the county for at least: 5 years if the scholarship is for medicine or dentistry; or 3 years if the scholarship is for nursing.