(a) The Administration shall take the action necessary to ensure that every laborer and mechanic employed by contractors or subcontractors in the construction, alteration, or repair, including painting and decorating, of projects, buildings, and works undertaken or financially assisted by the Administration:
(1) Is paid wages at rates not less than those prevailing on similar construction in the locality, as determined by the Secretary of Labor in accordance with the federal Davis-Bacon Act; and
(2) Receives compensation at a rate not less than one and one-half times his basic rate of pay for all hours worked in any work week over 8 hours in any work day or 40 hours in any work week, as the case may be.
(b) A provision specifying the minimum wages and stating the requirement that overtime be paid as provided in this section shall be consistent with the provisions of Division II of the State Finance and Procurement Article, and shall be:
(1) Set out in each invitation for bids or request for proposals; and
(2) Made a part of the contract covering the project, which contract is deemed to be a contract of the character specified in § 103 of the federal Contract Work Hours and Safety Standards Act.
(c) The requirements of this section also apply to the employment of laborers and mechanics in the construction, alteration, or repair, including painting and decorating, of the transit facilities owned or controlled by the Administration, if the work is performed by a contractor under an agreement with the operator of the transit facilities.