If any vehicle impounded and stored under the provisions of this article is not claimed by the owner, operator or other person entitled to the possession thereof within thirty days from and after the date the same is impounded, such vehicle may be sold at public auction by the Chief of Police of the City, or by the persons storing the same under provisions of this article, but before any such sale shall be made, ten days' notice of the date, place and purpose of such sale with a description of the vehicle to be sold shall be served upon the owner of record of such vehicle by registered mail at his last known address and like notice of such sale shall be published once each week for two successive weeks prior to the date of such sale in a newspaper of general circulation in the City. If the owner of any such vehicle is unknown; then no notice to such owner shall be necessary but the newspaper publication shall be made and the facts with regard to the ownership of the vehicle set forth in such notice.
In the making of any sale hereunder the Chief of Police may continue the same by verbal announcement at the time and place of such sale, and in the making of any such sale of any such vehicle he may act by agent or attorney.
The proceeds from any such sale of any such vehicle shall be applied, first, to the costs of such sale; second, to the hauling, towing and storage charges thereof; third, to the payment of any fine and costs incurred by reason of any violation of the provisions of this Traffic Code or other ordinance of the City; and fourth, to the payment of any bona fide lien owner who intervenes or establishes a bona fide claim to such sum. Any balance remaining shall be paid to the owner of such vehicle, if he is known, or if unknown, shall be paid to the general receiver of the Circuit Court of the County, to be disposed of by him as provided by the statutes of the State. In the event that no person shall claim any such funds in the hands of the general receiver for a period of twenty years, the principal of such fund together with the interest thereon shall be paid into the General Fund of the City by the general receiver.