After the expiration of the applicable retention period, title
to all lost and unclaimed property, except negotiable currency, shall
vest in the person who found or saved the property, subject to the
payment by the finder of all reasonable costs of storage and care.
(Ord. No. 83-16, § 1, 3-23-83)
After the expiration of the applicable retention period, and
not less than seven days following the publication in a newspaper
of general circulation of a notice of retention by the police department
of lost and unclaimed negotiable currency or coin, the lost or unclaimed
negotiable currency or coin shall be returned to the person who found
or saved the property. Ownership of negotiable currency or coin shall
not vest in the finder unless no owner appear and proves his ownership
of the property while the police department is in possession of said
property and unless the finder pays to the police department the reasonable
costs of storage and care of the property and the costs of publication
incurred by reason of compliance with the terms of this article.
The chief of police shall conduct a public auction at least
once each year, or more frequently if, in the judgment of the chief,
it is necessary for the more immediate disposition of lost or unclaimed
property. The date of a public auction shall be not less than seven
days following the publication in a newspaper of general circulation
of a notice of the sale at public auction of lost and unclaimed property.
All purchases at public auction shall be for cash and shall be final.
All purchasers at public auction shall take immediate possession of
purchased property and property purchased at public auction shall
not be reclaimable by the original owner.
All proceeds from the sale at public auction of lost or unclaimed
property shall be deposited in the general fund of the city. Notwithstanding
the provisions of section 10-160, if the chief of police determines
that any lost and unclaimed property in the possession of the police
department is needed for a public use, such property shall become
the property of the city if after the expiration of the applicable
retention period, the lost and unclaimed property remains unclaimed
by the proven owner. All lost and unclaimed negotiable coin and currency
not disposed of by the provisions of sections 10-159 and 10-161, and
all lost and unclaimed property not disposed of by the terms of sections
10-159 and 10-160, shall become the property of the city. All lost
and unclaimed property which, in the opinion of the chief of police,
is worthless and which is not disposed of by the terms of the above
described sections, may be destroyed.