June 22, 1994
DREYFUS FLORIDA INTERMEDIATE MUNICIPAL BOND FUND
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 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.
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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.
