(a)  Notwithstanding any law to the contrary, including, but not limited to, § 46-15.1-10, upon the effective date of this section, the water resources board (corporate), established as a body politic and corporate and public instrumentality pursuant to this chapter, shall be prohibited from borrowing money or issuing bonds for any purpose.

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(b)  The water resources board (corporate) shall continue to repay existing debt until all such debt is fully repaid. Upon the repayment by the water resources board (corporate) of all such existing obligations, the water resources board (corporate) shall be dissolved and all existing functions and duties of the water resources board (corporate) shall be transferred to the Rhode Island infrastructure bank, a body politic and corporate and public instrumentality of the state established pursuant to chapter 12.2 of this title.