(a) There is a Maryland Health and Higher Educational Facilities Authority.
(b) The Authority is a body politic and corporate and is an instrumentality of the State.
(c) The exercise of a power under this subtitle is the performance of an essential governmental function.
(d) The exercise of a power under this article is:
(1) for the benefit of the people of the State;
(2) to increase their commerce, welfare, and prosperity; and
(3) to improve their health, education, and living conditions.