(1) Any school district in the State of Arkansas having lands donated and given to it by the State of Arkansas through action of the General Assembly, to be used for sites of schoolhouses, shall: Have the power of sale of the lands; and
(2) Be enabled to give good and lawful title to the lands.
(3) The proceeds of a sale shall be used entirely and exclusively for school purposes.
(4) The benefits accruing from the sale shall remain within and be applied to the same school district either alone or combined with other school districts of a contiguous nature where the original school district may have been consolidated with other adjoining school districts.