Sec. 404. (1) Except as expressly provided by the corporation or subsidiary corporation or
as otherwise provided in this act, every issue of its corporation obligations shall
be general obligations of the issuing corporation or subsidiary corporation payable
out of any properties, revenues, or money available to the corporation or subsidiary
corporation, including, without limitation, revenues derived from the operation of
health services, from the operation, lease, or disposition of health care facilities
and other properties, from gifts or grants available for these purposes, from amounts
borrowed, including refinancings or refundings, from the proceeds of health care facilities
and other assets and from investment earnings from any of those sources, subject only
to agreements with holders of particular corporation obligations or holders of other
notes and obligations mortgaging, pledging, or granting security interests or other
liens in particular properties, revenues, or money.
(2) A corporation obligation shall not be an obligation of nor constitute a debt of
the local governmental unit for purposes of any constitutional, charter or statutory
limitation unless the local governmental unit has pledged its full faith and credit
to the guaranty of such corporation obligation pursuant to section 305. 1 A corporation obligation shall not constitute a debt of or in any way obligate the
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