Hospital financings approved by Board.

The Board of the Dormitory Authority of the State of New York met at its corporate headquarters and approved the following financings:

* Ellis Hospital. The Board approved a bond issue of up to $18 million for this Schenectady hospital for construction of a two-story wing to house a 36-bed intensive care unit. The issuance will offer 40-year fixed-rate tax-exempt bonds in a negotiated sale. First Albany Capital Inc. will be the lead manager in this FHA-insured deal.

* Montefiore Medical Center. The Board approved a sale of up to $22 million in 40-year, fixed-rate tax-exempt bonds to be issued to fund renovations at the Northwest Building, infrastructure upgrades at the Moses Division, renovations and upgrades at the Einstein Division, and the purchase and development of the Tile Building into a radiation oncology center for this Bronx hospital system. Merrill Lynch & Co. will be lead manager for this negotiated sale, which will be insured by FHA, with a municipal bond insurance wrap by FGIC.

* Park Ridge Hospital Inc. The Board approved the sale of up to $63 million in one or more series of 25year tax-exempt bonds sold at fixed and/or variable rates on behalf of the hospital, which has facilities in the town of Greece and the city of Rochester, both in Monroe County.

Proceeds will finance capital improvements, renovations and equipment purchases; refund 1975 and 1979 bonds issued by the New York State Medical Care Facilities Finance Agency, and provide permanent financing of a capital improvement loan. Cain Brothers will be the lead manager for this negotiated sale. JPMorgan Chase Bank has committed to provide a letter of credit for this transaction.

* Pratt Institute. The Board approved the sale of up to $21 million in variable-rate tax-exempt bonds for this college, centered in the Clinton Hill section of Brooklyn with a Manhattan campus. Proceeds will be used to fun reconstruction of the center section of Higgins Hall, which connects the north and south wings, and construction of an art supply and book store. George K. Baum & Company will be the lead manager for this negotiated sale. Radian Asset Assurance Inc. has committed to insure the bonds.

* Catskill Regional Medical Center. The Board approved a bond issue of up to $54.725 million in 23-year fixed-rate tax-exempt bonds to execute a current refunding of the New York State Medical Care Facilities Finance Agency Secured Hospital Revenue Bonds, 1994 Series A, which were issued on behalf of the Community General Hospital of Sullivan County, now the Catskill Regional Medical Center. The Hospital's main campus is in the town of Harris, with a facility as well in Callicoon, both in Sullivan County. Citigroup is the lead manager for this negotiated sale.

* State Mental Health Services Facilities Improvement Program. The Board approved the sale of up to $794.685 million in one or more series of 30-year tax-exempt fixed-and/or variable-rate bonds to be sold in a negotiated sale.

More than $500 million of the proceeds will be used to refund certain Dormitory Authority bonds issued for capital projects at state institutions or at facilities operated by community-based agencies. Nearly $200 million is anticipated to be used for new capital projects at state institutions, and about $70 million will finance projects for local agencies that provide mental health service. Municipal bond insurance will be used, if economical and available.

* Personal Income Tax Revenue Bond Program. The Board approved multiple series of tax-exempt and/or taxable bonds and notes of up to $549.2 million to be sold for terms of up to 30 years.