The Board of Commissioners shall have the following duties and powers:
(A) Exercise all legislative powers, functions, and duties conferred upon the city;
(B) Make all orders for the doing of work or making or construction of any improvements or buildings;
(C) Levy all taxes, apportion and appropriate all funds, audit and allow all bids, accounts, payrolls and claims and order payment thereof;
(D) Make all assessments for the cost of street improvements, sidewalks and other works, improvements or repairs which may be specially assessed;
(E) Make or authorize the making of all contracts, and no contract shall be binding or obligatory upon the city unless either made by ordinance or resolution adopted by the Board of Commissioners or reduced to writing and approved by the Board of expressly authorized by ordinance or resolution adopted by the Board.
(1976 Code, § 2-26)