Authorizes the board to adopt a policy for the payment of claims or other obligations of the operating agency, which are payable out of solvent funds, and may elect to pay such obligations by check or warrant. However, if the applicable fund is not solvent at the time payment is ordered, then no check may be issued and payment shall be by warrant. When checks are to be used, the board shall designate the qualified public depositary upon which the checks are to be drawn as well as the officers required or authorized to sign the checks. For the purposes of this act, "warrant" includes checks where authorized by this act.