Except as otherwise provided in the Charter, no board, officer or employee shall make any type of contract, as specified by ordinance, obligating the City or any department to make or receive payments of money or other valuable consideration for a period longer than such period as provided by ordinance, unless such contract shall have been first approved by the Council. The ordinance shall set a time period for review by the Council, and may further define what constitutes a term of more than the specified period. If the Council does not approve the contract, the Council shall not modify the contract, but shall return it to the contracting authority for reconsideration and resubmission to Council. This section shall not apply to contracts entered into with the United States government, or other governmental agencies, or as specifically authorized in Sections 605 through 607.