For all grants or loans in an amount exceeding one and one half mills (.0015) of the expenditure budget of the General Fund the City Council shall have the sole authority to approve the making of the grant or loan, to approve modification of the terms of any existing grant or loan, or forgive the terms of any loan and/or grant with recapture provisions that are issued directly by and for the City and/or through any other entity with whom the City has contracted to administer City programs.
(Ord. 14-2004. Passed 4-20-04.)