(A) Definition. The term UNCLAIMED PROPERTY means tangible or intangible property that has lawfully come into the possession of the city in the course of municipal operations, remains unclaimed by the owner and has been in the possession of the city for at least 60 days and has been declared such by the City Administrator.
(B) Preliminary notice. The City Administrator shall make a reasonable effort to ascertain the identity and address of the true owner of unclaimed property. If the identity and address of the owner are ascertained, the City Administrator shall serve written notice upon the owner either in person or by certified mail that, unless the unclaimed property is claimed and proof of ownership and entitlement to possession are established within 30 days after the date of notice, the property shall be subject to sale by the city.
(C) Notice and sale. If, after reasonable effort, the identity and address of the true owner cannot be ascertained, or if the 30-day notice period expires without the owner having made claim and established proof of ownership and entitlement to possession, the property shall be sold to the highest bidder at public auction or sale. Notice of the sale shall be published once at least three weeks prior to the sale and contain a brief description of the property to be sold, the date, time, place and manner in which the sale shall be conducted.
(D) Fund and claims thereon. All proceeds from the sale shall be paid into the General Fund of the city and expenses thereof paid therefrom. The former owner, if he or she makes claim within eight
months from the date of publication of the notice herein provided, and upon application and satisfactory proof of ownership, may be paid the amount of cash or negotiables or, in the case of property sold, the amount received therefor, less a pro rata share of the expenses of storage, publication of notice and sale expenses, but without interest. The payment shall be also made from the General Fund.
(E) Effective law. The City Administrator may elect to proceed under the provisions of this section or any applicable statutory provisions.
(Prior Code, § 2.71)