The Empire State Development Corp.’s bond financing committee last week approved the submission of an application to a state oversight board for refunding bonds in an upcoming $382 million issue.

The bonds, Series 2008C and 2008D, would be backed by state personal income tax. The refunding portion would refund certain outstanding PIT bonds. The refunding will go to the full board for approval later this month before it goes to the Public Authorities Control Board, which approved the new-money portion last month.

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