Whenever the municipal authorities shall desire to take any lands heretofore granted or dedicated to a use or purpose for which the same are no longer used, they shall pass an ordinance declaring such intention, and they shall thereupon petition the court of common pleas of the county in which such lands are situate for leave to file for bond of such borough, for the purpose of securing any person or persons who may be injured by the taking of such lands; and the said court shall thereupon direct such notice to be given, by publication in at least two newspapers of the county in which such lands are situate, as to the said court shall seem proper, and if no exceptions are filed to the said bond on or before the day fixed in said notice, the court shall approve the said bond. The said court shall have power to increase the amount of said bond, and to hear and determine all exceptions that may be filed against the approval thereof. Upon the approval of such bond, the said municipal authorities shall have the right to enter upon and take such lands, for the purposes expressed in this act, and the said bond, which shall be in the name of the commonwealth, for the use of any person or persons who may be legally entitled to damage by reason of the taking of the said lands, shall remain on file for their use and benefit.