(a) From the proceeds of any such sale, the City shall reimburse itself for any expenses it may have incurred in removing, towing, preserving and storing such property and the expenses of conducting any auction and any notice and publication expenses incurred pursuant to this article.
(b) Any remainder from the proceeds of such sale shall be deposited in the City Treasury to be kept and maintained as a special revolving account, designated as the "abandoned and junked property fund"; provided, that any remainder from the proceeds of the sale of an abandoned motor vehicle or junked motor vehicle after payment of such expenses shall be held for the last registered owner of such motor vehicle or any lienholder for ninety days, after which time, if no owner or lienholder claims the remainder, it shall be deposited in such special fund.
(c) Any money so collected and deposited in such special funds shall be used solely for the payment of auction, towing, removing, preserving, storing, notice and publication costs which results from taking other abandoned motor vehicles, junked motor vehicles, old vehicle tires and inoperative or abandoned household appliances into custody and possession; provided, that whenever the abandoned and junked vehicle fund exceeds the sum of five hundred dollars ($500.00) Council may, by resolution, transfer such excess to the general fund.
(1975 Code Sec. 11-20)