§10–306.

    (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.