The owner or secured party of a vehicle which has been impounded may redeem such vehicle without a hearing by paying all outstanding parking violations and traffic citations, towing and storage charges and the costs of notice incurred by the Police Department in connection with said impoundment. The owner or secured party may redeem the vehicle prior to a hearing without waiving the right to a hearing by posting a bond in the amount of all outstanding parking violations and traffic citations, towing and storage costs and the costs of notice incurred by the Police Department accruing up to the scheduled date of the hearing. This bond shall be forfeited in the event that the person requesting a hearing fails to attend the scheduled hearing or the hearing officer determines that there was probable cause to impound the vehicle.