All motor vehicles and other personal property impounded or heretofore impounded by the Police Department and unredeemed by the owner thereof for a period of sixty (60) days shall thereafter be subject to sale by the Chief of Police to the highest bidder for cash as hereinafter provided, and the proceeds of said sale shall be applied to the removal and storage charges accumulated against each article, which shall be deposited with the Treasurer and credited with him and shall be kept in a separate fund for a period of one year from the date of receipt and if at the end of said year the former owner of said property has not made satisfactory proof of claim, then the balance of said proceeds of sale shall be credited to the General Fund of the City. (Revised Code 1958)