(a)

1. (1) Loans from the Arkansas Water Development Fund, the Arkansas Water Resources Cost Share Revolving Fund, and the Water, Sewer, and Solid Waste Systems Revolving Fund will be given a seven-day grace period after the date a loan payment is due.
2. (2) After the expiration of the grace period, interest at a rate of five percent (5%) of the payment due will be charged on the amount due from the due date until the date payment is received.

(b)

1. (1) As provided in all loan and lease-purchase agreements entered into with respect to financial assistance from the Water, Waste Disposal, and Pollution Abatement Facilities General Obligation Bond Program, the Water Resources Development General Obligation Bond Program, and Waste Disposal and Pollution Abatement Facilities General Obligation Bond Fund Program, there is a seven-day grace period for lease or loan payments due.
2. (2) After the expiration of the grace period, interest at the rate stated in the project documents will be charged on the amount due from the due date until the date payment is received.