Section 5-A. Electronic or wire transfers

1. Notwithstanding any other law
  to the contrary, whenever an officer of a local government, as that term
  is defined in section ten of this article,  is  authorized  or  directed
  pursuant  to  law  to  disburse  or  transfer  on  behalf  of  the local
  government funds in the custody of the officer, that  officer  shall  be
  authorized  to disburse or transfer such funds by means of electronic or
  wire  transfer.  Such  disbursement  shall  be  otherwise   subject   to
  applicable laws, provided that:
    (a)  the  governing  board  of the local government has entered into a
  written agreement with the bank or trust company  in  which  such  funds
  have  been deposited, prescribing the manner in which electronic or wire
  transfer of such funds shall be accomplished, identifying by number  and
  name those accounts from which electronic or wire transfers may be made,
  identifying  which  officer  or  officers  are  authorized  to order the
  electronic  or  wire  transfer  of  funds  from  those   accounts,   and
  implementing  a  security procedure as defined in section 4-A-201 of the
  uniform commercial code; and
    (b) the bank or trust company processing the transfer shall provide to
  the officer ordering the electronic or wire transfer  of  funds  written
  confirmation  of  each  such  transaction no later than the business day
  following the day on which the funds are transmitted.
    2. It shall be the duty of the governing board of the local government
  to adopt a  system  of  internal  controls  for  the  documentation  and
  reporting  of  all  transfers  or disbursements of funds accomplished by
  electronic or wire transfer.