(A) Property, except property governed by § 31.16, believed to be abandoned, lost, or stolen or otherwise illegally possessed shall be retained in custody by the Chief of Police who shall make reasonable inquiry and efforts to identify and notify the owner or other person entitled to possession thereof and he shall return to the property after the person provides reasonable and satisfactory proof of his ownership or right to possession and reimburses the agency for all reasonable expenses of such custody.
(B) If the identity or location of the owner or other person entitled to possession of the property has not been ascertained within six months after the Police Department obtains possession of the property, the Chief of Police shall effectuate the sale of the property for cash to the highest bidder at a public auction, notice of which, including time, place, and a brief description of the property, shall be published at least once in a newspaper of general circulation in the county at least ten days prior to the auction. Property offered, but not sold at the public auction, may be offered and sold at a subsequent public auction without notice.
(C) Proceeds of the sale of the property at public auction, less reimbursement to the Police Department of the reasonable expenses of custody thereof, shall be deposited in the treasury of the city.
(D) The owner or other person entitled to possession of the property may claim and recover possession of the property at any time before its sale at public auction, upon providing reasonable and satisfactory proof of ownership or right to possession and reimbursing the law enforcement agency for all reasonable expenses of custody thereof.
(`79 Code, § 31.065)