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Lease agreements for materials, supplies and equipment are not subject to the requirements of this chapter, but shall be subject to such procedures as are established by the director of finance and asset management or designee. All such agreements exceeding $350,000 in value per year must, however, be approved by the city council. Lease agreements shall comply with any applicable state law regarding debt capacity. (Ord. 6728 § 7, 2023; Ord. 6187 § 1, 2014.)