The minimum acceptable bid shall be a sum equal to the city’s charges against the vessel/property. The proceeds of the sale shall be first (1st) applied to the costs of sale, then to overdue fees and storage charges, and the balance, if any, shall be held in trust by the city for the owner of the vessel (or property) to claim; and if not claimed within one (1) year, the balance shall be deposited into the port of Bethel enterprise fund. Upon the sale being made, the city shall make and deliver its bill of sale, without warranty, conveying the vessel to the buyer. [Ord. 17-11 § 2.]