The chief of police or the chief’s designee shall sell the property to be disposed of to the highest bidder at the public auction sale for cash or upon such terms as the auctioneer shall announce. The auction sale may be continued by the auctioneer to another time or times. The chief of police or the chief’s designee shall certify as to the disposal of property and shall execute a bill of sale for any property sold for $10.00 or more. Upon acceptance of the highest bid, the sale shall be final and not subject to redemption. Property unsold shall become the property of the borough and may be disposed of by the borough in any manner as the manager directs without notice of sale. All items selling for less than $1,000 shall be paid for at the time of the auction in cash or by personal check drawn on a local bank. Purchasers of those items in excess of $1,000 who cannot pay the full amount at that time shall deposit a minimum of 10 percent as a bid bond at the time of auction with payment in full to be made within 30 days or the 10 percent bid bond shall be forfeited to the borough’s general fund. Property paid for in this manner may not be claimed until the full amount of the bid price has been received by the borough.