The Legislature finds and declares as follows:

1. (a) Adequate school facilities should be available for children residing in new residential developments.
2. (b) Public and private residential developments may require the expansion of existing public schools or the construction of new school facilities.
3. (c) In many areas of the state, the funds for the construction of new classroom facilities are not available when new development occurs, resulting in the overcrowding of existing schools.
4. (d) New housing developments frequently cause conditions of overcrowding in existing school facilities which cannot be alleviated under existing law within a reasonable period of time.
5. (e) That, for these reasons, new and improved methods of financing for interim school facilities necessitated by new development are needed in California.