The chief of police will, once a year or more often if he deems it necessary, sell at public auction any such unclaimed property, and also property that has been confiscated and not ordered destroyed, except as otherwise provided in this chapter or such as is being held as evidence in any legal or court proceeding. Notice of the time and place of sale shall be given by one publication in a newspaper of general circulation published in the city not less than five days nor more than ten days before the date of the sale, and by posting such notice in three public places within said city not less than five days before the date of sale, which notice shall state the kinds of property to be sold. All sales of any such property shall be for cash to the highest bidder. The proceeds of such sale shall be applied, first to the payment of the cost of such sale and expenses incurred in the preservation and custody of any such property and second the balance, if any, shall be paid to the treasurer of the city, to be credited to the general fund. (Ord. 4407 §1, 1987; Ord. 3681 §3, 1973).