(A)   All abandoned or unclaimed property, including bicycles, which have come into the possession of the Police Department and the identity or location of the owner or other person entitled to possession of the property has not been ascertained within six months after the Police Department obtains such possession, shall be sold by the Police Department for cash to the highest bidder at public auction. Any abandoned or unclaimed property, the disposal of which is otherwise provided by statute, shall be sold in accordance with such statute.
   (B)   Property offered but not sold at such public auction may be offered and sold at a subsequent public auction without such notice.
   (C)   The proceeds of the sale of any abandoned or unclaimed property, less reimbursement to the Police Department of the reasonable expenses incurred, shall be paid into the village treasury.
   (D)   The owner or other person entitled to possession of such property may claim and recover possession of the property at any time before its sale at public auction, upon providing reasonable and satisfactory proof of ownership or right to possession and reimbursing the Police Department for all reasonable expenses incurred with the custody thereof.