Sale and redemption of certificates of participation

(a) The Treasurer may sell certificates of participation. The Treasurer shall not send formal evidence of participation, but shall send (1) confirmations of daily transactions, and (2) monthly statements of account balances. (b) Certificates of participation shall be redeemed at the option of (1) the Treasurer, or (2) the Participant upon its giving notice to the treasurer, in a manner and by a time prescribed by the treasurer, on the day such redemption is requested. (c) Certificates of participation shall be purchased by electronic funds transfer, check or other means approved by the Treasurer. Certificates of participation shall be redeemed by wire in same-day funds, or, at the participant's request, other means approved by the treasurer.