(a) In this section:
(1) CITY STORE means a location designated by the director where unclaimed property and surplus, obsolete, worn out, or useless property is offered for sale to the public.
(2) DIRECTOR means the “director” as defined in Section 2-27 of this article.
(b) Unclaimed property and surplus, obsolete, worn out, or useless property may be sold, exchanged, or otherwise disposed of at the city store in accordance with this section.
(c) The director shall direct and control the sale, exchange, or other disposition of unclaimed property and surplus, obsolete, worn out, or useless property at the city store.
(d) Unclaimed property and surplus, obsolete, worn out, or useless property must be sold or exchanged for not less than its present market value. The director shall determine the present market value of all property offered for sale at the city store. In determining present market value, the director may refer to prices at which similar property is offered for retail sale at other locations throughout the United States.
(e) The director shall keep accurate records of all sales of unclaimed property and surplus, obsolete, worn out, or useless property at the city store. The records must include:
(1) the date, time, and place of sale; and
(2) copies of receipts given for all sales that describe the items sold and show the price paid or other value given for the items. (Ord. Nos. 22873; 25819)