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a. Upon failure of the owner or finder to claim and take possession of an abandoned bicycle within the periods prescribed by this division, the bicycle shall be sold at public auction, by the Police Department to the highest bidder for cash.

b. All monies received from such sale shall be paid to the City Treasurer and deposited immediately into the general fund. (Code 1962, § 11-20; Ord. No. G-1154, § 1; Ord. No. G-1784, § 2)