Section 293.01. Payment and performance assurance requirements.

  The department of workforce development shall biennially adjust the contract prices that determine the payment and performance assurance requirements that apply to contracts with state and local governments for the performance of labor or furnishing materials for a public improvement or public work. These contract prices shall be adjusted on the basis of the change in the construction cost index as published in the engineering news-record and will be rounded to the nearest thousand. No adjustment shall be made for a biennium if the adjustment to be made would be less than 5%.