The Corporation Counsel shall, whenever he/she considers that the interests
of the City will be served thereby, enter into an agreement, in writing, subject
to approval as hereinafter set forth, to compromise and settle any claim,
cause of action, or proceeding against the City, which agreement shall constitute
a valid obligation of and against the City, and the amount therein provided
to be paid shall, with interest thereon from its date, be paid the same in
all respects as a judgment against the City:
A. When the amount of any said compromise is less than $1,000,
it shall be subject to the approval of the Mayor and the Comptroller.
B. When the amount of any said compromise is $1,000 or more,
it shall be subject to the approval of the City Council.
The amount of any judgment recovered against the City and payable by
it, remaining unpaid, with the interest due thereon, in case the time to appeal
therefrom has expired and no appeal has been taken, or a certificate of no
appeal therefrom has been given by the Corporation Counsel, or in case such
judgment is finally affirmed, or an appeal taken and the execution thereon
shall not be stayed, shall be reported to the City Council immediately after
the same shall have become payable as aforesaid. Until the moneys applicable
to the payment of a judgment have been raised and paid into the City treasury
and payment of the judgment has been refused, no execution shall issue against
the City.