§ 31-103. Authority to be established by County.

(a)

Prince George's County is hereby authorized to create a body corporate and politic to be known as the "Prince George's County Supplemental Higher Education Loan Authority" which shall be authorized to exercise any or all of the powers set forth in this Subtitle within the limitations and upon the terms and conditions herein set forth only upon the enactment by the County Council, the approval by the County Executive, and the taking effect of an ordinance that creates the Authority and irrevocably approves the exercise by the Authority of all powers set forth in this Subtitle within the limitations and upon the terms and conditions herein set forth.

(b)

Upon the creation of the Authority as authorized in Subsection (a) of this Section, the Authority shall constitute a public instrumentality of Prince George's County, and the exercise by the Authority of the powers set forth in this Subtitle is the performance of an essential public function.

(Chapter 704, Laws of Md., 1986)