(1) The police department, on finding a motor vehicle or other personal property, or coming into possession of the same, shall make diligent inquiry of all persons as to the name and address of the owner, conditional vendor, mortgagee or any person interested therein and shall examine the motor vehicle or other personal property for a license number, motor number, serial number, make and style, and any other information on the motor vehicle, animal or personal property which will aid in the identification of the owner, conditional vendor, mortgagee or other interested person.

(2) Subsequent to the investigation provided herein, and when under all the circumstances, including but not limited to the nature and value of the property, and the manner in which it came into the police department’s possession, the chief of police is satisfied that a person entitled to possession has been found, the property may be released forthwith to that person upon payment of any of the applicable costs as set forth in section 2.835(2). In all other cases, if the owner or conditional vendor of the property referred to in this chapter or mortgagee or other person interested therein is found and identified, that person shall be immediately notified by certified letter that the personal property is held by the police department, the date the property came into the possession of the department, and that the property will be sold at public auction at the city hall grounds, the place of storage, or any other designated location within the city to the highest bidder for cash, which sale shall not be held earlier than 30 days from the date the personal property came into the possession of the police department, and in any event not until 10 days have elapsed from the mailing of the certified notices.