Md. Code, Economic Development § 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.