(a) If a political subdivision fails to make a payment or reporting due the Arkansas Local Police and Fire Retirement System within five (5) calendar days of the date the payment or reporting is due, the political subdivision shall become delinquent, and the delinquency shall be certified according to the rules established by the Board of Trustees of the Arkansas Local Police and Fire Retirement System to the Treasurer of State.
(b) Until the delinquency, together with regular interest, is satisfied, the Treasurer of State is authorized and directed to withhold all moneys due the political subdivision by the state.