Section 8
SEC. 8. Dissolution of the Metropolitan Water District; transfer to the Authority of its records, assets and liabilities; transfer to the Authority of entities, waterworks and sewerage systems in the cities, municipalities, municipal districts, and other government waterworks, and sewerage systems.—The present Metropolitan Water District created under Act Numbered Two thousand eight hundred thirty-two, as amended, is hereby dissolved, and its records, assets and liabilities are transferred to the Authority. All existing government-owned waterworks and sewerage systems in cities, municipalities, and municipal districts, including springs and other water sources, as well as the waterworks and sewerage bonds, sinking funds, and all indebtedness in general of the said Metropolitan Water District, and government-owned water-works and sewerage systems, are transferred to the National Waterworks and Sewerage Authority, and the Board is hereby authorized and directed to receive and assume all such assets and liabilities on behalf of the said Authority and in turn to pledge such assets as security for the payment of the waterworks and sewerage bonded debt. The net book value of the properties and assets of the Metropolitan Water District and of government-owned erworks and sewerage systems in cities, municipalities, municipal districts, and other government-owned water-works and sewerage systems shall be received by Authority in payment for an equal value of the assets of the National Waterworks and Sewerage Authority. Any reference made to the Metropolitan Water District or to any existing government-owned waterwork and sewerage systems in any city, municipality or municipal district and any waterworks and sewerage system under the Bureau of Public Works, in any Act or Executive Order or Proclamation of the President of the Philippines or in any city or municipal ordinance which is still in force, shall be deemed to be a reference to the National Waterworks and Sewerage Authority created by this Act.