It is the Legislature's intent that this article be used to assist local agencies in financing public capital improvements, working capital, liability and other insurance needs, or projects whenever there are significant public benefits for taking that action. For the purposes of this article, "significant public benefits" means any of the following benefits to the citizens of the local agency:
(a) Demonstrable savings in effective interest rate, bond preparation, bond underwriting, or bond issuance costs.
(b) Significant reductions in effective user charges levied by a local agency.
(c) Employment benefits from undertaking the project in a timely fashion.
(d) More efficient delivery of local agency services to residential and commercial development.
(Amended by Stats. 1998, Ch. 35, Sec. 1.)