Any lost money or a negotiable instrument coming into the possession of the Police Chief shall be held by him for a period of 120 days after the receipt thereof. During such period of time the Police Chief shall take such steps as may be necessary to ascertain the identity of the owner thereof. If the owner of the lost money or negotiable instrument fails to appear for any reason, and establish his ownership thereof, within the period of 120 days, the Police Chief shall notify the finder of the money or negotiable instrument, who shall then have a period of 30 days from the date of such notification within which to appear and claim the money or negotiable instrument. Where the claim by the finder is timely made, title to the money and/or negotiable instrument shall vest in the finder. Where the finder of the property does not appear within such time, title to the money and/or negotiable instrument shall, for all purposes, vest in the city.
(Ord. 863, passed 9-28-95)