The Short Title of this Act shall be “The Lawrence Reserves Act, 1877.”

The parcels of land described in the said Schedule to this Act shall be and the same are hereby vested in the Borough of Lawrence and its successors for an estate of inheritance in fee-simple in trust, for purposes of public utility, for the said borough and its inhabitants.

It shall be lawful for the said borough to manage the lands hereby vested in them in such manner in every respect as to them shall seem fit, and also to lease the same lands, or any part thereof, for any term not exceeding twenty-one years, to take effect in immediate possession, at such rent or rents, and subject to such covenants and conditions on the part of the lessors and lessees respectively, as to the said borough shall seem expedient; and all leases which have already been granted by the said borough in accordance with the terms of this enactment are hereby declared to have been properly granted, and to be valid and effectual for all purposes.

The rents, issues, and profits arising from the said lands, and from the disposal and occupation thereof, shall be received by the said borough, and shall be applied and disposed of as the general funds of the said city may for the time being by law be applied or disposed of.