Any article placed in or upon any street, sidewalk, alley, thoroughfare or other public place within the city contrary to ordinance, or any such article lost or abandoned in such place, shall be taken up and delivered into the custody of the chief of police, who shall notify the owner thereof, if known, that the same may be redeemed within five (5) days of such notice by paying to the chief of police the actual charges incurred in the storage of such articles, but not less than fifty cents ($0.50) for each day of such storage. If the owner fails to redeem such article within the time specified, or if such owner is unknown or cannot be found, then, and in that event, the chief of police shall post notices in five (5) places in the city describing the article as accurately and briefly as possible, and notifying the public that on a certain day and hour named therein, which shall be at least ten (10) days subsequent to such notice, that he will sell the articles described at public auction to the highest bidder for cash at a public place. In case no bidders appear at such sale, the chief of police may sell such articles at private sale, securing the best possible price. From the proceeds of any such sale held hereunder, the chief of police shall first deduct his expenses and pay the balance into the city treasury; and such sum shall become a part of the general revenue fund. If, within six (6) months after the sale of such article, as above provided, the owner of any such article so sold shall exhibit to the city council satisfactory proof of his ownership, the proceeds coming into the city treasury from such sale shall be refunded to him.

(Code 1964, § 14.020)