122.351  Funding by local agencies.--Commencing on July 1, 1969, all county and local agencies covered under the provisions of s. 122.35 shall accumulate and be responsible for the payment of social security and retirement matching costs as required under s. 122.35, from the intangible tax allocation of that county and any other source available to the local governmental units, except that all agencies, other than the school boards, shall be given credit for 50 percent of their 1967-1969 actual employer matching cost, actual cost being that cost in cash actually paid by the employer for matching retirement and social security into the fund by the agency for said biennium. The above credit of 50 percent shall be calculated by the director of the Division of Retirement.