2430                                              LAWS OF MARYLAND [Ch. 710

of a project or shall undertake the refunding or
financing of obligations or]] FINANCING AND CONSTRUCTION

OR ACQUISITION__OF A PROJECT OR SHALL UNDERTAKE THE

REFUNDING OR REFINANCING OF BONDS OR of a mortgage or of
advances as provided in and permitted by this article.

4.

(a) There is hereby created a body politic and
corporate to be known as the "Maryland Health and Higher
Educational Facilities Authority." Said Authority is
constituted a public instrumentality and the exercise by
the Authority of the powers conferred by this article
shall be deemed [held] to be the performance of an
essential public function.

5.

(a) The purpose of the Authority shall be to assist
institutions for higher education and hospitals in the
construction, financing and refinancing of projects, and
for this purpose the Authority is authorized and
empowered:

(1)    To adopt bylaws for the regulation of its
affairs and the conduct of its business;

(2)   To sue and be sued, plead and be impleaded;

(3)   To adopt an official seal and alter the same at
pleasure;

(4)   To maintain an office at such place or places
as it may designate;

(5)    To determine the location and character of any
project to be financed under the provisions of this
article, and to construct, reconstruct, maintain, repair,
operate, lease, as lessee or lessor, to regulate, and to
enter into contracts for the management and operation of
a project, and to designate a participating institution
for higher education or a participating hospital, as the
case may be, as its agent to determine the location and
character of a project undertaken by such participating
institution for higher education or participating
hospital under the provisions of this article, and as its
agent to construct, reconstruct, maintain, repair,
operate, lease, as lessee or lessor, such project, and
regulate the same, and as its agent to enter into
contracts for any or all of such purposes, including
contracts for the management and operation of such
project;

(6)    To issue bonds, bond anticipation notes and