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The original item was published from 10/8/2015 10:21:00 PM to 10/8/2015 10:28:07 PM.

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Danville, VA Local Government News and Announcements

Posted on: October 8, 2015

[ARCHIVED] Council amends budget to reflect bond money received

City Council meeting file photo

City Council on Thursday night took another procedural step toward utilizing the $10.2 million received earlier this year from a bond issue. Last night, Council voted to amend the city budget to reflect receipt of the money.

The money will be used to cover related bond issuance costs and to pay for a list of capital projects, including $2.6 million for roof replacement and repairs at city public schools and $2 million for upgrades to city electrical substations.

Other projects listed include phase four of the River District streetscape project, electric upgrades at the city auditorium, improvements at the adult detention facility, and general storm water and street improvements. The list includes 21 projects.

In other matters, Council agreed to purchase power generated at the Schoolfield Dam. The city purchased the dam in 2013 to protect its water rights, but STS Hydropower leases the facility for the long term and owns the generation rights from the facility. Rather than sell the electricity generated to an outside power company, STS will now sell it to the city over the next 20 years.

The dam produces 4.4 megawatts of electricity when the river is at a high flow. By purchasing the electricity, the city would save money on transmission, congestion and capacity charges similar to its Pinnacles hydro plant.

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