State agencies, including exempt agencies, may enter into contracts that contemplate the payment of interest, late charges, but only when the late charges are incurred sixty (60) days after payment is due, or carrying charges under rules that the State Procurement Director promulgates.
Interest and carrying charges
Ark. Code Ann. § 19-4-706 — under GENERAL ACCOUNTING AND BUDGETARY PROCEDURES.
Ark. Code Ann. § 19-4-706