Section 1. It is hereby declared essential for the benefit of the people of each municipality which accepts this act, in order that there be an increase in their commerce, welfare and prosperity and an improvement in their living conditions, that the municipality establish or continue to maintain an economical and efficient water system and sewer works system; that accurate, appropriate, and self-sustaining fees, rates and charges for water and sewer service within the municipality be established and all consumers, public and private, taxpayer and tax exempt, pay their fair share of the costs of such services; that the water and sewer systems of the municipality to be operated in a modern, efficient and financially self-sustaining manner to further their sound financial, environmental and physical condition; that conservation of water sources be encouraged; that water supplies be protected and improved; and that the municipality be provided a means to improve its water and sewer systems and insure the continued availability of water and sewer services at sufficient rates; all to the public benefit and good, and to the extent and in the manner provided herein.