(1) All lands in this state which are known as sixteenth section school lands and which are the property of the State of Arkansas shall belong to and the title thereto shall vest in the local school districts where the lands are located.
(2) Upon presentation of proof to the Commissioner of State Lands that sixteenth section school land owned by the state is located in a local school district, the school district shall be entitled to a general warranty deed from the Commissioner of State Lands conveying all the right, title, and interest of the State of Arkansas to such land.
(3) In executing the deed, the Commissioner of State Lands shall be governed only by the provisions of this section.
(4) Any local school district having sixteenth section school land conveyed to it by the State of Arkansas through this section shall have authority to sell the land.
(5) The proceeds of such sale shall be used for school purposes.