Melbourne, June 14 (ANI): A homeless man in Texas, who found a bag of valuables worth 77,000 US dollars in a local park, has been told by the city council that he can keep it.

Timothy Yost found a bag, when he decided to visit a Texas park and went to wash his feet in the Colorado River in January.

He decided to look further and kicked the bag, upon which it jingled.

The man found a mound of South African coins and wet cash inside the bag.

Yost then took the bag of money to a bank, where he tried to exchange the damp bills for fresh money.

However, the bank clerk became suspicious and called police, who confiscated the bag from him and an investigation started into its origins.

The city of Bastrop kept hold of the money, while detectives tried to find the owner of the haul and see if a crime had occurred.

But following a vote at Bastrop city council last night, the 46-year-old was told he could have the stash worth an astonishing 77,000 US dollars back.

It is a great day for Bastrop; it is a great day for Mr Yost, News.com.au quoted Yost's attorney Aleta Peacock as telling the American-Statesman.

Under common law in Texas, typically if it is buried and we are not able to find the rightful owner for the funds within the prescribed time period, then the finder of the funds can petition to be awarded those funds, Bastrop told 'Your News Now'.

However, Yost has been left to celebrate his newfound wealth in prison.

He has since been jailed for the charges like public intoxication and criminal trespass. (ANI)