Providing for an alternative collateral pool for deposit and investment of local public funds; specifying certain requirements for the location of depositories; requiring the commissioner of commerce to adopt regulations requiring qualifying financial institutions to deposit collateral securities to secure public funds in qualifying financial institutions for alternative collateral pool purposes; requiring and providing for placement in restricted accounts; requiring the commissioner to periodically determine a minimum ratio for collateral pledging, specifying certain minimum ratio requirements; requiring the commissioner to adopt rules to require additional collateral from certain financial institutions, to provide for the valuation of collateral under certain conditions and governing reporting requirements and other administrative procedures; requiring the commissioner to implement certain procedures in cases of default; requiring financial institutions to deposit additional collateral upon commissioner sale of collateral securities; authorizing the commissioner to assess a fee to qualifying financial institutions participating in the collateral pool, limit (ra)