The financial intermediary authorized and appointed by the City to act as its paying agent, transfer agent and/or registrar, shall be a bank, broker, clearing corporation or other person, which in the ordinary course of its business maintains registered public obligation accounts for its customers, when so acting. Prior to authorization and appointment of such financial intermediary, the City, or its designee, shall investigate and approve the qualifications of such financial intermediary. (Ord. 1841 §6, 1984)