The Dormitory Authority of the State of New York approved the restructuring of $3.19 billion of auction-rate and variable-rate debt into other modes on behalf of 12 borrowers at its monthly board meeting yesterday.

The largest conversion will be $1.04 billion of auction-rate securities sold on behalf of the City University of New York. The ARS were sold in 11 subseries in 2003 and one series in 2005. The securities will be converted into variable- or fixed-rate bonds and may be enhanced or carry a liquidity facility.

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