(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.
Maryland Legal Code