June 22, 1994
DREYFUS NEW JERSEY MUNICIPAL BOND FUND, INC.
Supplement to the Statement of Additional Information
Dated April 11, 1994
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 dividends 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 no
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 the
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.
