Money from the Honeywell settlement will be used to buy land to improve two intersections, Quincy city councilors decided Monday. The city this year received $3.8 million from a settlement over an energy-efficiency contract with Honeywell and spent all but $500,000 on such things as new trucks and building updates. On Monday, councilors approved $34,100 from the settlement that will be combined with $443,700 from free cash to purchase land at the Hancock Street and East/West Squantum Street intersection. The hope is to widen the intersection with $3.5 million in state and federal grants, creating turning lanes that will “bring relief from a longstanding traffic issue,’’ said City Solicitor Jim Timmins. The city will also use $21,100 from the settlement for a land taking along Quincy Avenue and East/West Howard Street. The land taking will allow the city to buy enough land to better align the streets. The $1.5 million project will be done in partnership with the state.