Section 1. Amend § 8308, Title 29, Delaware Code, by adding a new subsection "(1)" to read as follows:
"(1) The Board shall establish a Local Government Retirement Investment Pool with the following powers, duties and functions:
(1) The governing body or investing authority of a local government. meaning any city, town, or county in Delaware, may pay public retirement moneys of the local government into the Local Government Retirement Investment Pool which shall be in the custody of the Board of Pension Trustees. The Board of Pension Trustees shall invest the funds in the same manner and in the same types of investments and subject to the same limitations provided for the deposit and investment of state retirement funds. Funds of the local governments may be commingled with funds of the state pension trust for investment purposes only, and shall be accounted for separately.
(2) The Board of Pension Trustees shall adopt such rules and regulations as are necessary for the administration of this Investment Pool including specification of minimum amounts which may be paid into the Pool and minimum periods of time for which such payments shall be retained in the Pool. Earnings shall be equitably pro-rated among the local governments in the Pool based upon the amount and length of time the moneys are on deposit in the Pool. All costs of participation and administration in the Pool shall be equitably pro-rated among the participating local governments."