The Legal Department shall:
(A) Examine and approve all deeds, contracts and other legal instruments to which the city is a party;
(B) Represent the city in all legal proceedings to which the city is a party or in which it is interested, including criminal prosecutions and proceedings before any quasi-judicial or administrative body or bureau;
(C) Advise and assist in the preparation of ordinances and rules;
(D) Advise other city officials and departments with respect to the legal aspects of any proposed act or omission;
(E) Compromise or settle any claim, demand or suit by or against the city or any department or agency thereof that may be interested; provided, however, that if any such compromise or settlement shall require the payment by the city of any sum in excess of $500, the approval of Council shall be required.
('71 Code, § 129.03)