(a) Both the State Records Commission and the Local Government Records Commission are hereby empowered to conduct surveys of public records in carrying out the provisions of this chapter.
(b) Both commissions shall from time to time issue regulations classifying all public records and shall prescribe the period for which records of each class shall be retained. Such records may be permanent or for a lesser number of years. Such regulations may from time to time be amended or repealed. Prior to issuing such regulations, both the State Records Commission and the Local Government Records Commission shall consider the following factors:
(1) Actions at law and administrative proceedings in which the production of public records might be necessary or desirable;
(2) State and federal statutes of limitation applicable to such actions or proceedings;
(3) The availability of information contained in public records from other sources;
(4) The actual or potential historical value of certain public records; and
(5) Such other matters as the commissions shall deem pertinent in order that public records be retained for as short a period as is commensurate with the interests of the public.
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