(1) Every municipal official handling public funds shall be required to, as soon as practical, but no later than three (3) working days after the receipt by such municipal official of any public funds, deposit the funds to the credit of such municipality's official bank account, or bank accounts.
(2) This requirement shall not prohibit a municipal official handling public funds from maintaining a petty cash fund in an amount sufficient for the transaction of the official business of the municipal official's office.
(3) Every municipal official authorized to disburse public funds shall be required to make disbursements of such public funds by consecutively prenumbered checks, warrants or other generally accepted negotiable instruments drawn on the municipality's official bank account or accounts. Disbursements may also be made by electronic transfer, if such transfer is properly documented and recorded.
(4) A violation of this section is a Class C misdemeanor.