The board of the Dormitory Authority of the State of New York approved $298 million in bonds.

The board approved financing documents for $27.5 million in bonds. It also approved a resolution to proceed on $271 million in new bonds for the State University of New York. The board took the actions Wednesday.

The $271 million in bonds will be used to refund lease revenue bonds series 2003A and B. These earlier bonds were issued as variable rate bonds in a term rate mode. They have a mandatory tender on July 1.

The $271 million in bonds are to be fixed rate tax-exempt and/or taxable. The board specified that the bonds have maturities not to exceed 21 years.

The biggest portion of the $27.5 million of bonds approved for financing documents is for a $20.5 million bond for the InterAgency Council of Developmental Disabilities Agencies Inc. These are to refinance existing bonds from eight members of the InterAgency Council.

The new bonds are to be tax-exempt and/or taxable and have maturities not to exceed 26 years.

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