The city council shall annually appropriate a sum of money from the general fund for the payment of the expense of such board. The board shall have full, complete and exclusive authority to expend for and on behalf of such city all sums of money so appropriated. All such expenditures shall be made pursuant to and in conformance with the board's established policies and procedures. Gifts, donations or payments which are received by such city for urban renewal purposes shall be placed in such fund, to be used by the board in a manner appropriate for its purpose. Said board shall have no power to contract debts beyond the amount of its income for the current year. (Ord. 4074, 2-20-1995)