1. If any lot, block, share or parcel of such land is not claimed as provided in NRS 325.050 or 325.130 , such land shall be sold to the highest bidder, after notice as required in NRS 325.140 . The net proceeds, after deduction of all legitimate expenses, shall be applied to the construction and equipment of public buildings, highways, water, light or sewerage systems for the city or town within which the land is situated. 2. The corporate authorities or the judge of the district court are further empowered to lease, for a term not exceeding 10 years, upon such conditions as appear reasonable, any lots, blocks, shares or parcels of land, including areas dedicated as streets and alleys, whenever it shall be made to appear by verified petition and public hearing thereon, after notice as required in NRS 325.040 , that such procedure is for the best interests of the city or town. Such lease may include the right to remove any and all mineral-bearing rock and earth contained within such leased area.
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