(1) The commission shall propose to the board and the board shall adopt rules establishing ranges of duration of imprisonment to be served for felony offenses prior to release on parole. The range for any offense shall be within the maximum sentence provided for that offense.
(2) The ranges shall be designed to achieve the following objectives:
(a) Punishment which is commensurate with the seriousness of the prisoner’s criminal conduct; and
(b) To the extent not inconsistent with paragraph (a) of this subsection:
(A) The deterrence of criminal conduct; and
(B) The protection of the public from further crimes by the defendant.
(3) The ranges, in achieving the purposes set forth in subsection (2) of this section, shall give primary weight to the seriousness of the prisoner’s present offense and criminal history. Existing correctional resources shall be considered in establishing the ranges.