The city council may authorize the city manager to settle claims against the city for: (1) Personal injury or damages to property when the amount involved does not exceed the sum of fifty dollars ($50.00) and does not exceed the actual loss sustained, including loss of time, medical expenses, and any other expense actually incurred, and (2) the taking of small portions of private property which are needed for the rounding of corners at street intersections, when the amount involved in any such settlement does not exceed fifty dollars ($50.00) and does not exceed the actual loss sustained. Any settlement of a claim by the city clerk or treasurer 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 accident, occasion, or taking complained of. All such releases shall be approved as to form by the city attorney.