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The chief of police or the chief’s designee, with assistance of the clerk, shall publish in a newspaper of general circulation in the borough once a week for four consecutive weeks a notice of intent to dispose of the stolen, abandoned or found property which has sufficient monetary value to warrant storage and the cost of advertising for auction. The notice shall indicate where a list of the items to be disposed of may be obtained or viewed and the method of disposal to be used.

At approximately the same time as the first publication of the intent to dispose of disposable property, the chief of police or his designee shall post a separate notice in the same locations as are normally used for the posting of other borough-related public notices. This notice shall remain posted for 30 days and shall include:

A. A general description of the property;

B. The date on which the police department obtained possession of the property;

C. The provision that the property is to be sold at public auction at the time, date and place stated in the notice, and that the proceeds will be forfeited to the general fund of the borough if the owner or finder did not claim the property;

D. The provision that the property, if money, will be paid into the borough treasury for deposit to the general fund if the owner or finder does not claim the money;

E. The provision that the property must be claimed by the owner within 30 days after the last date of publication of the notice;

F. The provision that the finder will forfeit all of his right, title, interest and claim in and to found property or money unclaimed by the owner unless the finder files a written request with the chief of police for return to the finder of the unclaimed property or money, and that the request must be filed no later than 30 days after the last date of publication of the notice.

Also at approximately the same time as the first notice is published, the chief of police or the chief’s designee shall send a copy of the posted notice to the last known address, if any, of the owner, if known, and the last known address, if any, of the finder, if known.