(1) Under present laws and practices, school students of this state may, for various reasons and purposes, be transferred or assigned to attend school in another district;

(2) In many such instances, the respective school districts involved here have entered into agreements with respect to the financial rights and responsibilities of the respective school districts involved in student transfer and assignment and have made provision for the sharing in the cost of the education of the child mutually acceptable to both districts;

(3) In many instances involving a child living in a foster home or a child with disabilities, as defined in this subchapter, the foster child or child with disabilities or the child's parent, guardian, or some other person having custody of the child or standing in the relationship of loco parentis to the child, enters or seeks to enter a school district other than the school district in which the parents of the child reside and that gross inequities are worked upon the school district receiving the child if the district is unable to receive the state, local, and federal funds available to the sending district for the education of the child; and

(4) Fairness and equity demand that appropriate rules and regulations be adopted to define the relative rights and responsibilities of the involved school districts to share the educational funds received by a sending district to educate a child with disabilities or a child living in a foster home who attends school in another school district in this state if it is determined that it is in the best interest of the education of the child with disabilities to attend school in the receiving district, so long as attendance therein is not based upon racial or other reasons which are contrary to applicable federal or state laws and regulations.