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Sufficient funds may be budgeted by the Council for grants, subsidies, contributions, subventions and the like to economic, promotional, environmental, cultural, or other agencies whose operations are unrelated to those of the City but who contribute largely to the quality of life of the City. Such funds shall be allotted only after a public hearing on consideration of an application by the requesting group or agency. Such application shall include complete justification of the need for the requested aid.