The New York State Urban Development Corp has chosen four underwriting teams to refund a variety of corporation issues, including the corporation's general-purpose debt and bonds sold to finance private development.

Joseph A. Branca, the corporation's chief executive officer, said the refundings could occur over the next four months. "Some of the refundings are in the money, and some are not," Branca said. "If I get a window lined up, we can go to market."

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