(1) Before awarding any contract for a public project in the amount of five hundred thousand dollars or more, an agency of government shall obtain from the director the general prevailing rate, as determined by the director pursuant to section 24-92-205, of the regular, holiday, and overtime wages paid and the general prevailing payments on behalf of employees to lawful welfare, pension, vacation, apprentice training, and educational funds in the state, for each employee needed to execute the contract for the public project. Payments to the funds must constitute an ordinary business expense deduction for federal income tax purposes by contractors and subcontractors.
An agency of government shall specify in the competitive solicitation for a publicproject in the amount of five hundred thousand dollars or more and in the contract for such public project, the general prevailing rate of the regular, holiday, and overtime wages paid and the payments on behalf of employees to the welfare, pension, vacation, apprentice training, and education funds existing in the geographic locality for each employee needed to execute the contract or work.
The general prevailing rate of the regular, holiday, and overtime wages paid and thepayments on behalf of employees to the welfare, pension, vacation, apprentice training, and education funds specified in the competitive solicitation and in the contract for a public project pursuant to subsection (2) of this section shall remain the same for the duration of the work on the public project.
Contracting agencies of government shall not artificially divide public projects toavoid compliance with the requirements of this part 2.
Source: L. 2019: Entire part added, (SB 19-196), ch. 316, p. 2950, § 2, effective August 2.