A. Sale Authorized: Any property lawfully coming into the possession of the City in the course of its Municipal operations remaining unclaimed by the lawful owner more than sixty (60) days after such property came into the possession of the City, may be sold at public auction.
B. Notice of Sale: Notice of a public auction to be held under the provisions of this Chapter shall be made by publication of a notice at least twice in the official City newspaper. Such notice shall set forth the date, time and place of such sale, and shall generally describe the items to be sold.
C. Conduct of Sale: The public auction sale held under the provisions of this Chapter shall be conducted by the Police Department. All sales shall be for cash to the highest bidder. A record of each item sold and the price received for such item shall be kept and maintained by the Police Department for a period of two (2) years after each such sale.
D. Disposition of Proceeds: All monies received from a public auction sale shall be delivered to the City Accountant for deposit in the general fund of the City. Such monies shall be subject to the right of the former owner to payment of the sale price from the general fund upon proper application and satisfactory proof of ownership at any time within two (2) years of the date of sale.