All stolen or other property taken or found by any police officer in the possession of any person or persons arrested or charged with a violation of the law, all property or money taken on suspicion of having been feloniously obtained or being the proceeds of crime and for which there is no other claimant than the person from whom it was taken, all lost property coming into the possession of the Police Department, and all property and money taken from pawn brokers as the proceeds of crime, or from any insane or intoxicated person or persons otherwise incapable of taking care of themselves, shall be disposed of, handled, and accounted for under regulations prescribed by the City Council. Any unclaimed property sold in a manner prescribed by such regulations shall have the proceeds deposited in the city treasury in the General Fund. No property, however, shall be sold until after the expiration of 60 days from the time it came into the possession of the Police Department.
(‘83 Code, § 31.10)