There is hereby created a body politic and corporate to be known as the "Mississippi Educational Facilities Authority for Private, Nonprofit Institutions of Higher Learning," hereinafter referred to as "the Authority." The Authority is constituted a public agency and instrumentality of the State of Mississippi and the exercise by the Authority of the powers conferred by this chapter shall be deemed and held to be the performance of an essential public function of the State of Mississippi. The administration of the powers and functions of the Authority shall be conducted by the State Bond Advisory Division, Office of the Governor, subject to the direction and approval of the members of the Authority.