(a) There is established the school facilities authority, which shall be a body corporate and a public instrumentality of the State. The authority shall be placed within the department for administrative purposes only.
(b) The executive director appointed pursuant to section 302A-1704(f) shall:
(1) Serve as the authority's chief executive officer and chief procurement officer;
(2) Be responsible for carrying out the purposes of the authority; and
(3) Serve on a full-time basis.