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Council unanimously approved converting the city’s approximately $3 million budget stabilization fund into a capital expenditure reserve for future projects. Council also approved joining a proposed opioid-related claims settlement and advanced up to $6.7 million in utility revenue bonds for water, sewer, electric, and gas system needs.
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The reserve change gives Danville a dedicated pool of money for future capital improvements rather than keeping it designated for general budget shortfalls. The utility bond measures were only presented for first reading and must receive final approval before issuance; the planned financing includes water main and lead service line replacement work. The opioid settlement resolution authorizes the city to participate in the proposed settlement.
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