1. (1) The purpose of this part is:

   1. (a) To provide for prompt payments by local governmental entities and their institutions and agencies.
   2. (b) To provide for interest payments on late payments made by local governmental entities and their institutions and agencies.
   3. (c) To provide for a dispute resolution process for payment of obligations.
2. (2) It is the policy of this state that payment for all purchases by local governmental entities be made in a timely manner.

History.--s. 4, ch. 89-297.