(a)
(1) The Chief Fiscal Officer of the State, the Treasurer of State, and the Auditor of State shall establish an electronic warrants transfer system to distribute certain funds directly to an account in a financial institution, as designated by the public school district's treasurer.
(2) The determination of the categories of funds to be distributed shall be made by the Commissioner of Education.
(3)
(A) The public school district shall accept distributions by the electronic warrants transfer system.
(B)
(i) A public school district with a district treasurer may choose to have funds first distributed to the county treasurer or directly to the school district treasurer.
(ii) If a school district with a district treasurer chooses direct distribution of funds to the school district treasurer, the State of Arkansas shall forward all state and federal funds for the school district to the district treasurer, whether they are in the form of state warrants or electronic warrants transfers.
(iii) If a school district uses the county treasurer as its treasurer, the State of Arkansas shall forward all state and federal funds for the district to the county treasurer, whether they are in the form of state warrants or electronic warrants transfers.
(b) The Chief Fiscal Officer of the State, the Treasurer of State, and the Auditor of State, by joint rules, shall establish the standards and procedures for administering the system, to include the requirement that the electronic warrants transfer shall be in such form that a single instrument shall serve as the electronic warrants transfer.
(c) A single electronic warrants transfer may contain payments to multiple public school districts, appropriations, characters, and funds.