(1) The city may cause any motor vehicle or other personal property coming into the hands of the police department to be appraised by an appraiser qualified by the police department. If a motor vehicle is appraised at $100 or less, or any other personal property is appraised at less than $25, the chief of police may prepare a Notice of Intent to Junk or Dismantle the motor vehicle or other personal property. Such notice shall contain a description of the motor vehicle or other personal property; its license, motor, serial or other identification number; its location; its appraised value; and notification that the motor vehicle or other personal property will be junked or dismantled after 10 days from the date of the notice. The chief of police shall post the notice in three public places in the city.

(2) If the owner, conditional vendor, mortgagee, or other person interested in the motor vehicle or other personal property is found or identified, a copy of the notice of intent to junk or dismantle shall be mailed to such owner, conditional vendor, mortgagee, or other interested person.

(3) If, after 10 days from the preparation of the notice of intent to junk or dismantle, or 10 days from the mailing of the notice to the owner, conditional vendor, mortgagee or other person interested therein, whichever is later,

(4) Upon expiration of the time period prescribed in subsection (3) of this section, the city may, without notice or public auction, junk or dismantle the motor vehicle or other personal property and, if required, execute a bill of sale as prescribed by subsection 2.840(2) of this Code.