The state board of regents is hereby authorized and empowered to lease for a term not exceeding thirty (30) years to the city of Lawrence, Kansas, for airport purposes, upon such terms and conditions and for such rental as said board of regents shall deem to the best interests of the university of Kansas and the state of Kansas the following described real estate, to wit: Northeast quarter (1/4) of the northwest quarter (1/4) of section seventeen (17), township twelve (12) south, range twenty (20) east; also the west half (1/2) of the northwest quarter (1/4) of the northeast quarter (1/4) of section seventeen (17), township twelve (12) south, range twenty (20) east, all of which real estate is located in Douglas county, Kansas. Such lease shall be executed by the chairman of the state board of regents and attested by the secretary of said board. No such lease shall be executed until the same has been approved by the attorney general.