(a) Whenever any bicycle shall be impounded for violation of the provisions of this chapter, it shall be surrendered at the expiration of the impounded period to the parents or the guardian of the offender on the payment of a charge for storage, at the discretion of the Chief of Police. If a charge is made, it shall not exceed ten dollars ($10.00).
(b) In the case of the seizure of a bicycle because it has been found in the possession of a person not the legal owner thereof, and the bicycle is not reclaimed by the legal owner thereof, it shall be sold at public auction, after the expiration of sixty (60) days from the date of seizure. Notice containing a description of the bicycle shall be published in a newspaper circulating in the city at least one week prior to the date of the sale. The proceeds of the sale shall be remitted to the general fund.