The purposes of this chapter are to:

(1)  Augment current principles for setting the rates of public utilities that are water suppliers that are subject to commission rate regulation in a manner that facilitates:

(i)  Managing demand, especially seasonal demand;

(ii)  Investing in infrastructure repair and replacement;

(iii)  Recovering the full costs, including capital and operational, of water systems through water system revenues; and

(iv)  Establishing operating capital and debt service of sufficient size; and

(2)  Provide an optional system for multiyear water rates that are adjustable in accordance with an approved rate plan.