(2) Moneys in the funds shall be paid out only upon order of the board by:
(a) Checks or drafts signed by at least two individuals authorized by the board to sign checks or drafts; or
(b) Electronic funds transfers authorized by the board and initiated by at least two individuals authorized by the board.
(3) As used in this section, "electronic funds transfer" has the meaning given that term in ORS 293.525. [Amended by 1967 c.451 §24; 1991 c.459 §423n; 1995 c.42 §123; 2001 c.476 §10; 2005 c.492 §1]