The Council may authorize the City Manager to settle claims against the City for: (1) personal injuries or damages to properly when the amount involved does not exceed the sum of five thousand dollars ($5,000) and does not exceed the actual loss sustained, including loss of time, medical expenses, and any other expenses actually incurred; and (2) the taking of small portions of private property that are needed for the rounding of corners at intersections of streets, when the amount involved in any such settlement does not exceed five thousand dollars ($5,000) and does not exceed the actual loss sustained. Settlement of a claim by the City Manager pursuant to this Section shall constitute a complete release of the City from any and all damages sustained by the person involved in such settlement in any manner arising out of the incident, occasion, or taking complained of. All settlements and releases shall be approved in advance by the City Attorney.