Sam Corcoran, a former leader of the council, said he thought of exceptional financial support “as an overdraft facility”.
Conservative group leader Janet Clowes said she thought of the support as “a mortgage because they will be hanging over the head of this council for many decades to come”.
Meanwhile, Liberal Democrat leader Reg Kain said he had an issue with the “ambiguity of the language used” in the report.
“I feel like I’m writing an open cheque,” he said.
The decision was approved with 43 councillors voting in favour, one against and 24 abstaining.
