Dormitory Authority of the State of New York to convert outstanding Cornell University revenue bonds

By Sheri Kasprzak

New York, March 14 - The Dormitory Authority of the State of New York plans to convert $90.15 million in Cornell University revenue bonds.

The conversion affects $44.05 million in series 2004A bonds and $46.1 million in series 2004B bonds.

The bonds are currently auction-rate bonds and will be converted to a weekly rate mode.

The 2004A bonds will be converted on April 8 and the 2008B bonds will be converted on April 10, according to a notice of conversion released Friday, both converting at par.

"If on either of the respective conversion dates, the conditions to the applicable conversion have not been satisfied, the applicable bonds will continue to bear interest in the auction-rate mode in accordance with the applicable bond series certificate," said the notice.

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