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Indian Shores refinances loan
Town reworks bank note on Municipal Center to save $62,000
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INDIAN SHORES – The Indian Shores Town Council unanimously passed a resolution Sept. 19 to refinance the town’s loan with SunTrust Bank, saving approximately $62,000 in the process.

The original loan with SunTrust helped build the new municipal center in the amount of $2 million. The loan is a tax-exempt obligation funded from sales and public services taxes.

The old interest rate was 3.67 percent for a period of 15 years. The new refinancing agreement for the balance of the loan (up to $1.85 million) lowers the interest rate to 2.93 percent and will mature in 2026, the remaining 13 years on the original agreement.

Mary Karayianes, the town’s director of finance and personnel, pursued refinancing arrangements.

Shared building official OK’d

In the months since longtime building code administrator Larry Nayman died, town leaders have been seeking replacement services. At the Sept. 19 town hall meeting an interlocal agreement for building official services with the town of Redington Shores was approved.

The interlocal agreement between Indian Shores and Redington Shores will save the town of Indian Shores $63,000. The consolidation of services will provide building services for Indian Shores 20 hours per week divvied up to include Mondays, 8 a.m. to 4 p.m.; Wednesdays, noon to 4 p.m.; and Thursdays, 8 a.m. to 4 p.m.

Town approves new Dell server

During the meeting, the town administrator’s request to purchase a new Dell server and upgrade Microsoft Exchange software was approved. The server will cost $5,697.76 and the software will be $1,139.98.

According to the town’s IT coordinator, Tom Lancto, the existing server is out of warranty, due for replacement and is a budgeted item. These purchases are incorporated in the town’s five-year IT plan.

Williams request gets approval

Police Chief E.D. Williams’ request to carry over annual leave time to the fiscal year 2012-13 budget in excess of 240 hours was approved during the meeting.

Vice–Mayor Joan Herndon said, “There were so many instances where Chief had to stay (and forego vacation time) regarding the (construction of the) new building. We appreciate all that he did.”

Millage, budget are finalized

After the budget meeting and public hearing on Sept. 5 regarding the ad valorem millage rate and budget for fiscal 2013, the final passage of both took place at the Sept. 19 meeting.

Karayianes provided an executive summary, noting, “The budget is prepared with an operating millage of 1.87 which is .23 percent below the rolled-back rate of 1.8744. The budgeted property tax revenue in the general fund is $2,143 less than last year totaling $1,122,118 at 97 percent.”

The town has a balanced budget without having to raise taxes or fees.

“After cutting the budget for five years, there is not much more fat we can trim,” said Mayor Jim Lawrence.
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