Modifying certain provisions regulating the deposit and investment of local public funds; defining custodial official; modifying the required collateral percentage; providing for pooled collateral to secure public deposits as an alternative method of protecting deposits of public funds; specifying certain authority and accounting requirements of financial institutions designated as public depositories; providing for government entity security interest in pooled collateral; authorizing financial institutions to designate qualified trustees, specifying the role of the trustees; authorizing certain collateral adjustments; prescribing a procedure to be followed by trustees in the event of default; requiring charges or compensation of qualified trustees to be paid by the financial institution; protecting custodial officials from liability; providing for the assignment of securities; requiring certain financial institution reports upon custodial official request; transitional provision; repealing certain provisions regulating the assignment and safekeeping of collateral, the withdrawal of excess collateral and default (je)