Bicester and District Twinning Association has won a 23,000 euro grant to stage 30th anniversary celebrations.
But because the grant will not be paid until after the May event, the association wants Bicester Town Council to lend it £15,000.
A report for town councillors said legally the council had powers to support it and the “financial risk to the town council was assessed as low”.
Councillors say they support the application “in principle”, but raised concerns whether the grant cash was guaranteed.
Nick Cotter said: “We are not against the proposal, we are in favour, but it has to be run past the solicitor as we cannot put taxpayers’ money at risk.”
He said the grants were not always a “done deal” and the council needed clarification on what criteria it would be paid.
The Education Audiovisual and Culture Executive Agency, part of the Commission of the European Union, awarded the cash in December. It will fund a Mini-Olympics to mark the town’s 30th twinning anniversary with Neunkirchen-Seelscheid, Germany, and 20 years with Canton des Essarts, France.
The proposals were discussed at a meeting last week but has been deferred to a later date.
All councillors involved in the twinning association left the room while talks took place.
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