(A) In the event a vessel remains impounded for 90 days and impound charges and expenses remain unpaid, the Harbormaster may sell the vessel at public auction to the highest and best bidder as provided in this section.
(B) Not less than 20 days prior to sale, the city shall publish a notice of sale once in a newspaper of general circulation in the city. The notice shall describe the vessel in general terms; the name and/or number of the vessel; the name and address of each vessel operator, if known; the location of the vessel; and the intention of the city to sell the vessel at public auction on a day and at a time certain for cash to the highest and best bidder.
(C) The person whose bid is accepted shall immediately pay the Harbormaster the full purchase price, if the bid is no more than $5,000; or a deposit of at least $5,000 or 10% of the bid, whichever sum is greater, if the bid exceeds $5,000. The bidder shall pay the balance of the purchase price within three days thereafter, excluding Saturdays, Sundays and holidays. A person who fails to pay the balance of a bid within the time required is deemed to be in default, and the Harbormaster may, in his discretion, give that person further time to pay the balance, sell to the second highest bidder, or conduct a new sale, as seems appropriate. Any sum deposited by the bidder in default shall be forfeited and applied to pay any additional costs incurred by the Harbormaster by reason of the default, including costs incident to resale. The balance of the deposit, if any, shall be deposited into the Port Enterprise Fund. A successful bidder who pays the balance of the bid after the time required by this subsection, or otherwise takes delivery of the vessel after the time payment of the full purchase price was due, shall also pay the Harbormaster the cost of keeping the vessel from the date payment of the balance was due to the date the bidder takes delivery of the vessel. The Harbormaster shall refuse to release the vessel until the full purchase price, plus any costs for keeping the vessel after the time payment of the full purchase price was due, is paid.
(D) After the full purchase price plus any costs are paid by the successful bidder to the Harbormaster, the city shall make and deliver its bill of sale, without warranty of title, for the vessel to the successful bidder. Failure of a party to give or receive required notice of the impoundment, sale or other action shall not affect the title of the purchaser of the vessel.
(E) The proceeds of such sale shall be first applied to the costs of sale, then to impoundment expenses, then to delinquency charges accrued, then to moorage and service fees accrued. Any balance remaining shall be held in trust by the city for the owner of the vessel to claim. If the balance is not claimed within five years, the balance shall be deposited into the Port Enterprise Fund.
(F) If at any public sale there are no bidders for a vessel, the city may declare the vessel to be surplus property and sold at a city surplus property sale, or the vessel may be destroyed, scuttled or otherwise disposed of. Any disposition under this subsection shall be without liability of the city, the Harbormaster or any of their employees or agents to the vessel owner, its operator, or anyone else holding liens, claims or other interests in the vessel.