The bill is currently working its way through the Oireachtas, where debate will continue in the Upper House tomorrow.
The party says they will petition President Micheal D. Higgins to refer the legislation to the Council of State, if the bill passes a vote in the Seanad.
The President would be required to convene the Council of State to consider the bill under Article 27 of the Constitution if one third of the Dáil and a Majority of Senators sign a petition of concern after the bill has been passed by both Houses of the Oireachtas.
Sinn Fein says it's dissatisfied with the Bill, and the fact that it doesn't include a provision to hold a constitutional referendum on the public ownership of Irish Water.
Sinn Fein Senator David Cullinane says the current bill doesn't adequately protect Irish Water from privatisation.
