Public Contracts - As enacted, requires a state department, agency, or official who contracts with a business to acquire property or services to make payments under the contract to the business within a certain time frame after receipt of the invoice; requires such state departments, agencies, and officials to annually report to the chairs of the appropriate standing committees of the senate and house of representatives the number and aggregate amount of late payments made for the preceding fiscal year and the amount of interest paid and outstanding on such late payments. - Amends TCA Title 12, Chapter 4.