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Danville council reviews amendment to increase share and threshold for host-future fund
Summary
Council members and the host-fund committee discussed a proposed ordinance to raise the percentage and payout threshold of the town’s host-future fund, which is financed by landfill tip fees, with the aim of preserving a multi-million-dollar reserve to replace current yearly revenues after landfill closure.
Brandon Lawson, a member of Danville’s host-future fund committee, told the Town Council the fund receives revenue from landfill tip fees and that an amendment to a 1999 ordinance would raise the share directed to the fund and increase the threshold at which those funds may be spent.
The committee’s aim, Lawson said, is “to 1 day have that fund at a level where in perpetuity, the town can draw from those interest and dividends and receive basically what we're we hope to receive now.” He said the fund currently holds about $7.9 million and the amendment is intended to accelerate growth toward a $25 million target so a 5% return would produce roughly the town’s present annual revenue from the landfill.
The nut graf: the change before council seeks to alter how much of the landfill fees are deposited to…
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