Prevailing wages must be paid on public works projects in Vermont with a construction cost exceeding $100,000.00 or a construction project with a construction cost exceeding $200,000.00 which is authorized and is at least 50% funded by a capital construction act pursuant to 32 V.S.A. § 701a. Each employee working on a project with a contract awarded for public works in Vermont, shall be paid no less than the mean prevailing wage published periodically by the Vermont Department of Labor in its occupational employment and wage survey plus an additional fringe benefit of 42 and one-half percent of wage, as calculated by the current Vermont prevailing wage survey.