The Chairperson or Director of the Housing Commission is authorized to file with the HAA, from time to time as moneys are required, requisitions, together with the necessary supporting documents, requesting advances to be made on account of the loan provided for permanently financed projects in the annual contributions contract. The proper officers of the borrower shall prepare, execute and deliver to the HAA permanent notes and shall accept payment therefor from the HAA in cash and/or exchange for advance notes of the borrower, and such persons are authorized to do and perform all other things and acts required to be done or performed in order to obtain such advances. Cash proceeds from the sale of all permanent notes shall be deposited and disbursed only in accordance with the annual contributions contract. Advance notes received in exchange for permanent notes shall be destroyed and shall not be reissued.
(1979 Code Sec. 4.04.050)