(a) Before Montgomery County may establish the Montgomery County Student Loan Refinancing Authority, the county shall:
(1) Study aspects of implementing the Authority in accordance with State and county law, including:
(i) Performing a feasibility and demand study;
(ii) Assessing the potential benefit to recruitment and retention of county and school system employees; and
(iii) Studying the operation of similar programs in other systems, including operating costs;
(2) Hold public hearings; and
(3) Provide an opportunity for public comment.
(b) 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.