(1) Whenever any real estate is to be sold by the Sheriff for any claim or costs due the City, the Law Department, after consulting with any other department, agency, board or commission concerned or affected, shall be authorized to bid at such sale and to purchase the real estate on behalf of the City where it finds:

(a) that the property would serve a municipal purpose carried on by a department, board, agency or commission of the City; or

(b) that the purchase of such property would serve to protect the financial interests of the City; or

(c) that the acquisition of such property would promote the health, safety and general welfare of the citizens of the City; or

(d) that such property can be used by the City as part of any cooperative or joint arrangement with any other governmental agency or political subdivision to promote the health, safety and general welfare of the citizens of the City.

(2) The amount of such bid shall not exceed the amount of the claim, penalties, interest and costs due the City.