The school funds which may be raised by taxation in any school district shall be pledged, and hereby are made security, to the owner or owners of any property taken for school purposes, for all damages they may sustain on account of taking of such property by the district for school purposes.
The title to all real estate acquired by any school district by condemnation proceedings shall be vested in such school district in fee simple.
24 P.S. § 7-722