All property, except abandoned motor vehicles, lawfully coming into the possession of the city and unclaimed by its owner, shall be disposed of as follows:
   (A)   The department of the city into whose possession property comes shall arrange for storage of the property.  If municipal facilities for storage are unavailable or inadequate, arrangements for storage at privately- owned facilities may be arranged.
   (B)   The owner of the property may claim the same by exhibiting satisfactory proof of ownership and paying the city any storage or maintenance costs incurred by the city.  A receipt for the property shall be obtained upon release to the owner.
   (C)   In the event that the property remains unclaimed in the possession of the city for a period of 3 months, the property shall thereafter be sold to the highest bidder at a public auction conducted by the Chief of Police, or other authorized person.  The auction shall be held after 2 weeks published notice setting forth the time and place thereof and the property to be sold.
   (D)   Net proceeds from the sale of the property after deduction of storage costs incurred, if any, shall be placed in the Treasury, subject to the right of the former owner to payment of the sale price to him or her from the fund upon application and satisfactory proof of ownership within 6 months of the sale.
(Prior Code, § 403.01)