-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, kp1qysO9aXCaFVTB85Z3AUV+H8W06MaYl3eyI2znOmn2HVZ0NM9xZgqv1nzXvwwg 5hX/gYJ1oWTWf57UxWJ8Kg== 0000881512-94-000011.txt : 19940804 0000881512-94-000011.hdr.sgml : 19940804 ACCESSION NUMBER: 0000881512-94-000011 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19940803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND CENTRAL INDEX KEY: 0000881512 STANDARD INDUSTRIAL CLASSIFICATION: 0000 IRS NUMBER: 133641181 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-44227 FILM NUMBER: 94541482 BUSINESS ADDRESS: STREET 1: 200 PARK AVE STREET 2: DREYFUS CORP CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129666130 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS FLORIDA INSURED MUNICIPAL BOND FUND DATE OF NAME CHANGE: 19600201 497 1 SUPPLEMENT TO PROSPECTUS AND SAI August 3, 1994 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND SUPPLEMENT TO PROSPECTUS DATED APRIL 11, 1994 I. PROPOSED MERGER OF THE DREYFUS CORPORATION The Fund's adviser, The Dreyfus Corporation ("Dreyfus"), has entered into an Agreement and Plan of Merger providing for the merger (the "Merger") of Dreyfus with a subsidiary of Mellon Bank, N.A. ("Mellon"). Following the Merger, it is planned that Dreyfus will be a direct subsidiary of Mellon. Closing of the Merger is subject to a number of contingencies, including approvals of the stockholders of Dreyfus and of Mellon. The Merger is expected to occ ur in late August 1994, but could occur significantly later. The Merger will result in the automatic termination of the Fund's current investment advisory agreement with Dreyfus. II. RESULTS OF FUND SHAREHOLDER VOTE THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES ANY CONTRARY INFORMATION CONTAINED IN THE FUND'S PROSPECTUS. On August 3, 1994, the Fund's shareholders voted to (a) approve a new investment advisory agreement with Dreyfus, to become effective upon consummation of the Merger, (b) change certain of the Fund's fundamental policies and investment restrictio ns to permit the Fund to (i) borrow money to the extent permitted under the Investment Company Act of 1940, as amended, and (ii) pledge its assets to the extent necessary to secure permitted borrowings and make such policy non-fundamental. III. REVISED MANAGEMENT POLICIES THE FOLLOWING INFORMATION SUPPLEMENTS AND SHOULD BE READ IN CONJUNCTION WITH THE SECTION IN THE FUND'S PROSPECTUS ENTITLED "DESCRIPTION OF THE FUND __ MANAGEMENT POLICIES." (CONTINUED ON REVERSE SIDE) BORROWING MONEY __ As a fundamental policy, the Fund is permitted to borrow to the extent permitted under the Investment Company Act of 1940. However, the Fund currently intends to borrow money only for temporary or emergency (not leveraging) pur poses, in an amount up to 15% of the value of the Fund's total assets (including the amount borrowed) valued at the lesser of cost or market, less liabilities (not including the amount borrowed) at the time the borrowing is made. While borrowings exc eed 5% of the Fund's total assets, the Fund will not make any additional investments. 740/stkr080394 August 3, 1994 DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND Supplement to the Statement of Additional Information Dated April 11, 1994 At a meeting of Fund shareholders held on August 3, 1994, shareholders approved new Investment Restrictions which supersede and replace the Fund's current Investment Restrictions numbered 2, and 10 in the section in the Fund's Statement of Additional Information entitled "Investment Objective and Management Policies--Investment Restrictions." Investment Restriction number 2, is a fundamental policy. This restriction cannot be changed without approval by the holders of a majority (as defined in the Investment Company Act of 1940, as amended (the "Act")) of the Fund's outstanding voting shares. Investment Restriction number 10 is not a fundamental policy and may be changed by vote of a majority of the Fund's Board members at any time. The Fund may not: 2. Borrow money, except to the extent permitted under the Act. For purposes of this investment restriction, the entry into options, forward contracts, futures contracts, including those relating to indexes, and options on futures contracts or indexes shall not constitute borrowing. 10. Pledge, mortgage, hypothecate or otherwise encumber its assets, except to the extent necessary to secure permitted borrowings and to the extent related to the deposit of assets in escrow in connection with the purchase of securities on a when-issued or delayed delivery basis and collateral and initial or variation margin arrangements with respect to options, forward contracts, futures contracts, including those relating to indexes, and options on futures contracts or indexes. The following information supplements and should be read in conjunction with the section of the Fund's Statement of Additional Information entitled "Shareholder Services": Dreyfus Dividend ACH. Dreyfus Dividend ACH permits a shareholder to transfer electronically their dividend or dividends and capital gains, if any, from the Fund to a designated bank account. Only an account maintained at a domestic financial institution which is an Automated Clearing House member may be so designated. Banks may charge a fee for this service. For more information concerning Dreyfus Dividend ACH, or to request a Dividend Options form, please call toll free 1-800-645-6561. You may cancel this privilege by mailing written notification to The Dreyfus Family of Funds, P.O. Box 9671, Providence, Rhode Island 02940-9671. Enrollment or cancellation is effective three business days following receipt. This privilege is available only for existing accounts. The Fund may modify or terminate this privilege at any time or charge a service fee. No such fee is currently contemplated. ____________________________________________________________________________ The fifth paragraph of the section of the Fund's Statement of Additional Information entitled "Investment Objective and Management Policies" is revised to read as follows: Municipal lease obligations or installment purchase contract obligations (collectively, "lease obligations") have special risks not ordinarily associated with Municipal Obligations. Although lease obligations do not constitute general obligations of the municipality for which the municipality's taxing power is pledged, a lease obligation ordinarily is backed by the municipality's covenant to budget for, appropriate and make the payments due under the lease obligation. However, certain lease obligations contain "non-appropriation" clauses which provide that the municipality has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose on a yearly basis. Although "non-appropriation" lease obligations are secured by the leased property, disposition of the property in the event of foreclosure might prove difficult. The staff of the Securities and Exchange Commission currently considers certain lease obligations to be illiquid. Determination as to the liquidity of such securities is made in accordance with guidelines established by the Fund's Board. Pursuant to such guidelines, the Board has directed the Manager to monitor carefully the Fund's investment in such securities with particular regard to (1) the frequency of trades and quotes for the lease obligation; (2) the number of dealers willing to purchase or sell the lease obligation and the number of other potential buyers; (3) the willingness of dealers to undertake to make a market in the lease obligation; (4) the nature of the marketplace trades including the time needed to dispose of the lease obligation, the method of soliciting offers and the mechanics of transfer; and (5) such other factors concerning the trading market for the lease obligation as the Manager may deem relevant. In addition, in evaluating the liquidity and credit quality of a lease obligation that is unrated, the Fund's Board has directed the Manager to consider (a) whether the lease can be cancelled; (b) what assurance there is that the assets represented by the lease can be sold; (c) the strength of the lessee's general credit (e.g., its debt, administrative, economic, and financial characteristics); (d) the likelihood that the municipality will discontinue appropriating funding for the leased property because the property is not longer deemed essential to the operations of the municipality (e.g., the potential for an "event of nonappropriation"); (e) the legal recourse in the event of failure to appropriate; and (f) such other factors concerning credit quality as the Manager may deem relevant. The Fund will not invest more than 15% of the value of its net assets in lease obligations that are illiquid and in other illiquid securities. See "Investment Restriction No. 11" below. -----END PRIVACY-ENHANCED MESSAGE-----