A. Purchaser Receives Title: An abandoned motor vehicle and contents taken into custody and not reclaimed under section 5-5-5 of this chapter shall be sold to the highest bidder at public auction or sale, following one notice published at least seven (7) days prior to such auction or sale. The purchaser shall be given a receipt in a form prescribed by the Registrar of Motor Vehicles which shall be sufficient title to dispose of the vehicle. The receipt shall also entitle the purchaser to register the vehicle and receive a certificate of title, free and clear of all liens and claims of ownership. Before such a vehicle is issued a new certificate of title, it must receive a motor vehicle safety check.
B. Disbursement Of Auction Monies: From the proceeds of the sale of an abandoned motor vehicle, the City shall reimburse itself for the cost of towing, preserving and storing the vehicle, and all administrative, notice and publication costs incurred pursuant to this section. Any remainder from the proceeds of a sale shall be held for the owner of the vehicle or entitled lienholder for ninety (90) days and then shall be deposited in the General Fund of the City. (1988 Code § 2.70)