RALEIGH, N.C. A panel led by State Treasurer Janet Cowell says North Carolina government has no extra room to authorize new debt if it wants to keep its top credit rating because of a poor revenue situation.
Cowell’s office released on Tuesday the annual Debt Affordability Study. The committee said the state has exhausted its ability to borrow money through mid-2012 on things like building construction and through mid-2013 for transportation projects.
Last year’s study only suggested a little extra debt capacity was available.
The report said officials took into account a pair of temporary taxes set to expire this year and the end of federal stimulus money.
The limit doesn’t prevent $1.6 billion in borrowing already approved but with debt yet to be issued.
Published Tue, Feb 01, 2011 06:27 PM
Modified Tue, Feb 01, 2011 06:27 PM
