WASHINGTON — North Carolina expects to competitively sell $500 million of limited-obligation capital improvement bonds Wednesday in its largest deal in almost four years.

The bonds, rated a notch below the state’s triple-A rating, are subject to ­appropriation in the biennial budget and do not carry a general obligation pledge. They are part of a $3.28 billion special indebtedness package the General Assembly authorized for state projects. North Carolina will have about $1.1 billion of appropriation debt that is authorized but unissued after the deal.

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