The Dormitory Authority of the State of New York approved the conversion of $450 million of auction-rate securities issued on behalf of the Memorial Sloan-Kettering Cancer Center to fixed-rate bonds, at its monthly board meeting yesterday.

Since Feb. 12, all of MSK's auctions of ARS have failed. The bonds have most recently reset at interest rates between 4.29% and 4.57%, according to the DASNY Web site. Prior to the new year, the bonds had been resetting at rates between 3.0% and 3.5%, according to DASNY documents.

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