At such time as it has been determined that an auction is necessary to dispose of unclaimed property, an inventory listing all property to be disposed of shall be prepared and kept on file in the Police Department. Notice of an auction shall be published at least twice in a general circulation newspaper before the date of the auction. The notice shall specify the date, time and place of the auction and shall also notify prospective buyers or potential claimants that a list of items to be auctioned is available at the Police Department and any claims on property must be made before the start of the auction.