The proceeds of public auction sale shall be applied in payment of the expenses of the sale and all other costs incurred in retaining and storing such property. The balance of the proceeds remaining from such sale shall be paid into the general fund of the city. Any property offered for sale but not sold and not suitable for appropriation to the use of the city shall be deemed to be of no value and shall be disposed of in such manner as the city council directs. (1981 Code 912 § 3)