If, after an examination of the pleadings of the respective parties and hearing the evidence, it appears to the court (1) that the record title of the city of the metropolitan class in such real estate as described in section 79-10,127 is restricted to educational purposes, (2) that the exclusive control of all property within the school district used for educational purposes is reposed in the school district, (3) that such city and the State of Nebraska have no beneficial, proprietary, or reversionary interest therein, (4) that the state has by sections 79-10,127 to 79-10,135 authorized the removal of the restrictions against the sale of the property, and (5) that it is in the public interest and for the best interests of the school district that such property be sold and the proceeds of such sale be used by the school district for the purchase of a school site in a different location and the construction of such a school building or buildings thereon as are authorized under sections 79-10,127 to 79-10,135, then the court shall enter a decree terminating the restrictions against alienation of record, finding that the beneficial interest in the property is in the school district, and directing the sale of the property in accordance with the provisions of sections 79-10,127 to 79-10,135.