Q Can a municipality legally reimburse its depository bank for an overpayment of interest by the depository bank to the municipality?

A Yes. Once the municipality makes a determination on its minutes that an overpayment of interest was received by the municipality from its depository bank in error, the municipality is authorized to remit the overpayment to the depository bank. Such payment may require that the current fiscal year budget be revised in accordance with Section 21-35-25. (Attorney Generalís Opinion to Sorrell dated December 10, 2010)