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The City Council does hereby find and declare as follows:

A. Adequate school facilities should be available for all children residing in new residential developments within the City.

B. New public and private residential developments within the City frequently require the expansion of existing public schools or the construction of new public school facilities.

C. In many areas of the City, funds for the construction of new classroom facilities are not available when new development occurs, resulting in the overcrowding of existing schools.

D. New housing developments within the City frequently cause conditions of overcrowding in existing school facilities which cannot be alleviated by the affected school districts under existing law and within a reasonable period of time.

E. The General Plan of the City provides for the location of public schools.

F. For the above reasons, the ordinance codified in this chapter is enacted for the purpose of providing a new and improved method of financing for interim school facilities necessitated by new residential development within the City.