North Carolina Monday released its 2010 debt affordability report and said that the state has “substantially exhausted” its general fund debt capacity until fiscal 2012.

The triple-A rated state can issue just $9.1 million of additional general obligation bonds that have not already been allocated in each of the next four fiscal years to comply with a 4% debt-service-to-revenue ratio based on revenue and interest rate assumptions, the report said. The state has a $1.9 billion balance of authorized but unissued general fund debt until fiscal 2012.

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