(a) The governing body or investing authority of a local government, meaning any city, town or county in Delaware, may pay moneys of the local government or organization into the Local Government Investment Pool which shall be in the custody of the State Treasurer. The State Treasurer shall invest the funds in the same manner and the same types of investments and subject to the same limitations provided for the deposit and investment of state funds. Funds of the local governments may be combined with funds of the State while invested in the Pool. (b) The State Treasurer shall adopt such rules 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. Administrative expenses shall be handled by the Office of the State Treasurer. Earnings shall be equitably prorated among the local governments in the Pool based upon the amount and length of time the moneys are on deposit in the Pool. (c) Local government accounts shall remain confidential while in the custody of the State Treasurer. Public records available through the local government will be sufficient public record of the funds on deposit with the Local Government Investment Pool.
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