All monies received by the chief of police upon the sale of such vehicle shall be deposited in the city treasury of the city. At any time within one year from and after such sale, the former owner or owners of the vehicle sold, upon application to the municipal council and upon presentation of satisfactory proof of ownership of the vehicle sold, shall be paid the proceeds of such sale, less the impounding fee, storage charges and expenses of sale hereinbefore provided. If the proceeds of sale are not reclaimed within the period of one year, they shall be credited to the general fund of the city. (Prior code § 42-14-12)