When any structure has been razed and removed, the City Council, or its designated officer under a contract or arrangement for removal, may sell the salvageable and valuable materials at the highest price obtainable. The net proceeds of such a sale, after deducting the expenses of such razing and removal, shall be promptly remitted to the City Clerk with a report of such a sale or transaction, including the items of expense and the amount deducted for the benefit of any person, firm or corporation entitled to reimbursement for such expenses. The report to be submitted shall so state if there are no sale proceeds remaining to be remitted.
(1999 Code, § 29-8-7)