(a) 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.

(b) 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.