I. Notwithstanding any other provisions of law to the contrary, all noncontraband abandoned or lost personal property which has a value of $250 or more and which has been held in a police department or sheriff’s office property room for a period of at least 180 days, or which has a value of less than $250 and has been held for a period of at least 90 days, may be disposed of by the police department or sheriff’s office by returning it to the finder, if known, if the finder was other than a police officer or a sheriff who discovered the property during the course of the police officer’s or sheriff’s usual police duties. If the property cannot be returned to the finder, the property shall be sold at public auction with the proceeds to be turned over to the town or city treasurer, except that any bicycle which has been held in a police department or sheriff’s office property room for a period of 90 days or more shall be sold at public auction with the proceeds to be used for the support of local bicycle safety programs, or, if no local bicycle safety programs are available, then with the consent of the local governing body, to be used for any other purpose. The police department or sheriff’s office shall be relieved of all liability for any claim thereafter arising or made with respect to property disposed of under this section. A good faith judgment of the value of the property by the police department or sheriff’s office shall be determinative for purposes of this section.
II. If the noncontraband abandoned or lost personal property cannot be returned under paragraph I, and if it is determined in good faith by the police department or sheriff’s office to be of no monetary value, then such property may be destroyed or disposed of as directed by the chief of police for the department or the chief’s designee, or the county sheriff or the sheriff’s designee.