We need a referendum on water ownership

The Government is now saying it will create legislation to hold a “plebiscite”, if necessary, on the ownership and control of our water. Apart from the fact that the outcome of a “plebiscite” is not legally binding, why are they not holding a referendum to ensure water resources remain in public ownership in perpetuity?
There is every chance, given the latest version of the “new funding model”, that the company known as Irish Water will become insolvent.