§ 5-A — Electronic or wire transfers

§ 5-a. Electronic or wire transfers. 1. Notwithstanding any other law\nto the contrary, whenever an officer of a local government, as that term\nis defined in section ten of this article, is authorized or directed\npursuant to law to disburse or transfer on behalf of the local\ngovernment funds in the custody of the officer, that officer shall be\nauthorized to disburse or transfer such funds by means of electronic or\nwire transfer. Such disbursement shall be otherwise subject to\napplicable laws, provided that:\n (a) the governing board of the local government has entered into a\nwritten agreement with the bank or trust company in which such funds\nhave been deposited, prescribing the manner in which electronic or wire\ntransfer of such funds shall be accomplished, identifying by number and\nname those accounts from which electronic or wire transfers may be made,\nidentifying which officer or officers are authorized to order the\nelectronic or wire transfer of funds from those accounts, and\nimplementing a security procedure as defined in section 4-A-201 of the\nuniform commercial code; and\n (b) the bank or trust company processing the transfer shall provide to\nthe officer ordering the electronic or wire transfer of funds written\nconfirmation of each such transaction no later than the business day\nfollowing the day on which the funds are transmitted.\n 2. It shall be the duty of the governing board of the local government\nto adopt a system of internal controls for the documentation and\nreporting of all transfers or disbursements of funds accomplished by\nelectronic or wire transfer.\n