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Section 10.1.  Settlement of claims by Town Manager.
   The Town Manager may, without the approval of the Town Council, settle claims against the Town for personal injuries or damages to property when the amount involved does not exceed the sum of two thousand five hundred dollars ($2,500.00) and does not exceed the actual loss sustained, including loss of time, medical expenses, and any other expense actually incurred. Settlement of a claim by the Town Manager pursuant to this section shall constitute a complete release of the Town from any and all damages sustained by the person involved in such settlement in any manner arising out of the accident or occasion complained of.
(N.C.S.L. Ch. 2005-117, § 1(10.1))