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(1) If an independent entity seeks to privatize the independent entity, it shall:
(a) submit to the Legislature recommended legislation to:
(i) repeal the authorizing statute and revise state law as necessary to terminate its relationship to the state; and
(ii) address the value of any interests the state holds in the independent entity and whether the state should receive compensation for those interests as part of privatization; and
(b) be audited by the state auditor:
(i) within one year prior to the effective date of legislation that repeals the authorizing statute to terminate the relationship between the independent entity and the state; and
(ii) to determine the amount, nature, and source of revenues and assets of the independent entity.
(2) The relationship between the state and an independent entity may not be terminated except by the repeal of the authorizing statute of the independent entity.