The City Manager may, with the prior approval of the City Council, settle claims against the City for: (i) personal injuries or damages to property when the amount involved does not exceed the sum of five hundred dollars ($500.00) and does not exceed the actual loss sustained, including loss of time, medical expenses, and any other expenses actually incurred; and (ii) the taking of small portions of private property which are needed for the rounding of corners at intersections of streets, when the amount involved in any such settlement does not exceed one thousand dollars ($1,000) and does not exceed the actual loss sustained. Settlement of a claim by the City Manager 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 settlements, and all such releases, shall be approved in advance by the City Attorney.