(A)   All other property lawfully coming into the possession of the city shall be disposed of as provided in this section.
   (B)   The Department of the city acquiring possession of the property shall arrange for its storage. If city facilities for storage are unavailable or inadequate, the Department may arrange for storage at privately-owned facilities.
   (C)   The owner may claim the property by exhibiting satisfactory proof of ownership and paying the city any storage or maintenance costs incurred by it. A receipt for the property shall be obtained upon release to the owner.
   (D)   If the property remains unclaimed in the possession of the city for 60 days, the property shall be sold to the highest bidder at a public auction conducted by the Chief of Police of the city after two weeks’ published notice setting forth the time and place of the sale and the property to be sold.
   (E)   The proceeds of the sale shall be placed in the general fund of the city. If the former owner makes application and furnishes satisfactory proof of ownership within six months of the sale, he or she shall be paid the proceeds of the sale of his or her property less the costs of storage and the proportionate part of the cost of published notice and other costs of the sale.
(`87 Code, § 206.02)