The District of Columbia does not have any additional debt capacity and risks exceeding its self-imposed 12% debt-to-expenditures cap in fiscal 2011 unless about $350 million of its outstanding fixed-rate bonds are refunded, officials told members of the District Council Friday.

Chief financial officer Natwar M. ­Gandhi, asked the council to approve legislation that was introduced last Tuesday by council chairman Vincent Gray that would allow the district to issue up to $950 million of income tax-secured revenue refunding bonds.

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