Dreyfus New York Tax Exempt Bond Fund NCSR Certified annual shareholder report (management investment company)

Dreyfus New York Tax Exempt Bond Fund N-CSRCertified annual shareholder report (management investment company)

	UNITED STATES
	SECURITIES AND EXCHANGE COMMISSION
	Washington, D.C. 20549

	FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
	INVESTMENT COMPANIES

Investment Company Act file number 811-3726

DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
	(Exact name of Registrant as specified in charter)

	c/o The Dreyfus Corporation
	200 Park Avenue
	New York, New York 10166
	(Address of principal executive offices)	(Zip code)

	Mark N. Jacobs, Esq.
	200 Park Avenue
	New York, New York 10166
	(Name and address of agent for service)

Registrant's telephone number, including area code:		(212) 922-6000

Date of fiscal year end:	5/31

Date of reporting period:	5/31/04

-1-

FORM N-CSR

Item 1. Reports to Stockholders.

Dreyfus

New York Tax Exempt

Bond Fund, Inc.

ANNUAL REPORT May 31, 2004

The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views.These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

Contents

THE FUND

2	Letter from the Chairman
3	Discussion of Fund Performance
6	Fund Performance
7	Statement of Investments
15	Statement of Assets and Liabilities
16	Statement of Operations
17	Statement of Changes in Net Assets
18	Financial Highlights
19	Notes to Financial Statements
25	Report of Independent Registered Public Accounting Firm
26	Important Tax Information
27	Board Members Information
29	Officers of the Fund
FOR MORE INFORMATION
Back Cover

Dreyfus New York

Tax Exempt Bond Fund, Inc.

The Fund

LETTER FROM THE CHAIRMAN

Dear Shareholder:

This annual report for Dreyfus New York Tax Exempt Bond Fund, Inc. covers the 12-month period from June 1, 2003, through May 31, 2004. Inside, you'll find valuable information about how the fund was managed during the reporting period, including a discussion with the fund's portfolio manager, Joseph Darcy.

Positive economic data continued to accumulate during the reporting period, as consumers, flush with extra cash from their 2003 federal tax refunds and mortgage refinancings, continued to spend. Corporations have become more willing to hire new workers and invest in new projects and equipment. In addition, many states and municipalities have reported an increase in tax revenues, helping to relieve some of the fiscal pressures that arose during the economic downturn. As the economy has gained strength, fixed-income investors apparently have grown more concerned that long-dormant inflationary pressures could resurface, and municipal bond prices recently have become more volatile.

Despite fixed-income investors' current concerns, we believe that history confirms that bonds represent an important component of most investors' long-term investment portfolios.As always, we encourage you to speak regularly with your financial advisor, who may be in the best position to suggest ways to position your portfolio for the opportunities and challenges of today's financial markets.

Thank you for your continued confidence and support.

Sincerely,

Stephen E. Canter

Chairman and Chief Executive Officer The Dreyfus Corporation

June 15, 2004

DISCUSSION OF FUND PERFORMANCE

Joseph Darcy, Senior Portfolio Manager

How did Dreyfus New York Tax Exempt Bond Fund, Inc. perform relative to its benchmark?

For the 12-month period ended May 31, 2004, the fund achieved a total return of –1.57%.¹In comparison, the Lehman Brothers Municipal Bond Index, the fund's benchmark, achieved a total return of –0.03% for the same period.²In addition, the fund is reported in the Lipper New York Municipal Debt Funds category. The average total return for all funds reported in the Lipper category was –0.59%.³

Despite fears of higher interest rates, New York's municipal bond market ended the reporting period only modestly lower than where it began. The fund produced a lower return than its benchmark and Lipper category average, primarily because of credit concerns affecting two holdings, which had an adverse effect on the fund's total return for the reporting period. In addition, the fund's benchmark contains bonds from many states, not just New York, and does not reflect fees and other expenses which the fund is subject.

What is the fund's investment approach?

The fund seeks as high a level of current income exempt from federal, New York state and New York city income taxes as is consistent with the preservation of capital. To pursue this goal, the fund normally invests substantially all of its assets in municipal bonds that provide income exempt from federal, New York state and New York city personal income taxes. When the fund manager believes that acceptable New York municipal obligations are unavailable for investment, the fund may invest temporarily in municipal obligations that pay income subject to New York state and New York city income taxes, but not federal income tax. The dollar-weighted average maturity of the fund's portfolio normally exceeds 10 years, but the fund may invest without regard to maturity. The fund will invest at least 80% of its assets in investment-grade municipal bonds or the unrated equivalent

The Fund 3

DISCUSSION OF FUND PERFORMANCE (continued)

as determined by Dreyfus.The fund may invest up to 20% of its assets in municipal bonds rated below investment grade ("high yield" or "junk" bonds) or the unrated equivalent as determined by Dreyfus.

The portfolio manager may buy and sell bonds based on credit quality, market outlook and yield potential. In selecting municipal bonds for investment, the portfolio manager may assess the current interest-rate environment and the municipal bond's potential volatility in different rate environments. The portfolio manager focuses on bonds with the potential to offer attractive current income, typically looking for bonds that can provide consistently attractive current yields or that are trading at competitive market prices.A portion of the fund's assets may be allocated to "discount" bonds, which are bonds that sell at a price below their face value, or to "premium" bonds, which are bonds that sell at a price above their face value.The fund's allocation either to discount bonds or to premium bonds will change along with our changing views of the current interest-rate and market environment. The portfolio manager also may look to select bonds that are most likely to obtain attractive prices when sold.

What other factors influenced the fund's performance?

The fund was primarily affected by heightened market volatility. Gains achieved in advance of the Federal Reserve Board's (the "Fed") late-June 2003 reduction of short-term interest rates to 1%, a 45-year low, were erased during the summer of 2003, when evidence of stronger than expected economic growth sparked one of the worst six-week declines in the tax-exempt bond market's history.Although municipal bond prices gradually recovered during the fall of 2003 amid a persistently weak labor market, reports of unexpectedly robust job gains and other potential inflationary pressures during the second half of the reporting period led to a steep market decline. As a result, municipal bonds generally ended the reporting period at lower price levels than where they began.

On the other hand, the improving economy helped relieve some of the fiscal pressures that previously had plagued New York and other states. Better business conditions on Wall Street led to the improved fiscal health of New York City, where a modest budget surplus is pro-

jected for the current fiscal year. Although New York state has benefited less than the city from the strengthening economy, it nonetheless needed to issue substantially less short-term debt during the first five months of 2004 than during the same period one year earlier.

When purchasing new securities, we generally favored bonds rated "single-A" or higher from well-known issuers. We also continued to maintain the fund's average duration — a measure of sensitivity to changing interest rates — in a range we consider "neutral" to that of its benchmark. However this defensive positioning held back returns during periodic market rallies. In addition, credit problems surrounding two industrial development bonds contributed to the fund's underperformance for the reporting period. The affected securities were sold during the reporting period.

What is the fund's current strategy?

Despite the beneficial effects of a more robust economy, we remain concerned about New York state's budget situation and the potential impact of higher interest rates on bond prices. Accordingly, we have continued to avoid the state's uninsured general obligation debt, preferring bonds from local issuers and authorities that we consider more fiscally sound, including those backed by revenues from essential-services facilities.

June 15, 2004

1	Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes for non-NewYork residents, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable. For the period from May 1, 2004, through October 31, 2004,The Dreyfus Corporation has undertaken to waive receipt of .05% in management fees payable to the fund.This waiver may be extended, modified or terminated thereafter.
2	SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where applicable, capital gain distributions.The Lehman Brothers Municipal Bond Index is a widely accepted, unmanaged total return performance benchmark for the long-term, investment-grade, tax-exempt bond market. Index returns do not reflect fees and expenses associated with operating a mutual fund.
3	Source: Lipper Inc.

The Fund 5

FUND PERFORMANCE

^† Source: Lipper Inc.

Past performance is not predictive of future performance.The fund's performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The above graph compares a $10,000 investment made in Dreyfus New York Tax Exempt Bond Fund, Inc. on 5/31/94 to a $10,000 investment made in the Lehman Brothers Municipal Bond Index (the "Index") on that date. All dividends and capital gain distributions are reinvested.

The fund invests primarily in New York municipal securities and its performance shown in the line graph above takes into account fees and expenses.The Index is not limited to investments principally in New York municipal obligations and does not take into account charges, fees and other expenses.The Index, unlike the fund, is an unmanaged total return performance benchmark for the long-term, investment-grade, geographically unrestricted tax-exempt bond market, calculated by using municipal bonds selected to be representative of the municipal market overall.These factors can contribute to the Index potentially outperforming or underperforming the fund. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

STATEMENT OF INVESTMENTS

May 31, 2004

	Principal
Long-Term Municipal Investments—99.6%	Amount ($)		Value ($)

New York—95.9%
Albany Municipal Water Finance Authority,
Second Resolution Revenue:
5.25%, 12/1/2019 (Insured; MBIA)	2,775,000		2,909,504
5.25%, 12/1/2021 (Insured; MBIA)	2,790,000		2,909,356
Battery Park City Authority, Revenue:
5.25%, 11/1/2018	10,000,000		10,614,000
5.25%, 11/1/2019	12,000,000		12,689,400
5.25%, 11/1/2020	18,000,000		18,949,320
5.25%, 11/1/2022	12,045,000		12,584,496
Huntington Housing Authority,
Senior Housing Facility Revenue (Gurwin
Jewish Senior Residences) 6%, 5/1/2039	4,750,000		4,416,075
Long Island Power Authority,
Electric System Revenue:
5.50%, 12/1/2011 (Insured; AMBAC)	8,250,000		9,194,543
5.25%, 12/1/2014 (Insured; FSA)	16,000,000		17,738,400
5.375%, 5/1/2033	8,000,000		8,082,480
Metropolitan Transportation Authority, Revenue:
Commuter Facilities 6%, 7/1/2016
(Insured; FGIC) (Prerefunded 7/1/2008)	9,000,000	^a	10,070,730
Service Contract 5.50%, 7/1/2024 (Insured; MBIA)	10,000,000		10,570,800
Municipal Assistance Corporation for
City of New York, Revenue:
6%, 7/1/2005	9,500,000		9,963,695
6.25%, 7/1/2008	14,455,000		16,206,657
Nassau County Industrial Development
Agency, IDR (Keyspan-Glenwood
Energy Project) 5.25%, 6/1/2027	10,000,000		9,805,000
Nassau County Intermediate Finance
Authority, Sales Tax Secured
5%, 11/15/2009 (Insured; AMBAC)	5,000,000		5,408,750
State of New York:
5.70%, 8/15/2011	4,500,000		4,743,360
5.50%, 7/15/2016 (Prerefunded 7/15/2006)	10,165,000	^a	10,979,318
New York City:
6.50%, 3/15/2005	10,765,000		11,179,237
6.50%, 3/15/2005 (Prerefunded 3/15/2005)	3,005,000	^a	3,126,342
5.75%, 2/1/2007 (Insured; AMBAC)	285,000		304,049
5.75%, 2/1/2007 (Insured; AMBAC)
(Prerefunded 2/1/2006)	20,000	^a	21,530
10.172%, 2/1/2007	6,000,000	^b,c	6,802,080
6.25%, 2/15/2007 (Prerefunded 2/15/2005)	5,375,000	^a	5,614,187

The Fund 7

S T A T E M E N T O F I N V E S T M E N T S (continued)

	Principal
Long-Term Municipal Investments (continued)	Amount ($)		Value ($)

New York (continued)
New York City (continued):
5.375%, 8/1/2009 (Insured; FGIC)	7,000,000		7,581,560
6.25%, 8/1/2009 (Prerefunded 8/1/2004)	8,660,000	^a	8,864,895
6.25%, 8/1/2010 (Prerefunded 8/1/2004)	9,400,000	^a	9,622,404
5%, 8/1/2011	5,000,000		5,298,350
5.80%, 8/1/2011	190,000		193,420
6.375%, 8/15/2012 (Prerefunded 8/15/2005)	9,975,000	^a	10,651,205
5.75%, 8/1/2016 (Insured; AMBAC)	10,000,000		11,000,700
5.875%, 8/1/2024 (Insured; MBIA)	7,850,000		8,431,606
��5.875%, 8/1/2024 (Insured; MBIA)
(Prerefunded 8/1/2006)	5,850,000	^a	6,400,485
New York City Industrial Development Agency,
IDR (Brooklyn Navy Yard Cogen Partners):
6.20%, 10/1/2022	10,000,000		9,772,200
5.65%, 10/1/2028	12,500,000		11,139,000
New York City Municipal Water Finance Authority,
Water and Sewer Systems Revenue:
5.625%, 6/15/2011 (Prerefunded 6/15/2004)	10,210,000	^a	10,333,439
5.625%, 6/15/2019 (Insured; MBIA)	9,340,000		9,983,339
5.625%, 6/15/2019 (Insured; MBIA)
(Prerefunded 6/15/2006)	4,745,000	^a	5,127,447
5.75%, 6/15/2029 (Insured; MBIA)	13,000,000		13,863,720
5.50%, 6/15/2033	12,890,000		13,272,317
New York City Transitional Finance Authority,
Future Tax Secured Revenue:
5%, 11/1/2009	26,355,000		28,451,804
6%, 8/15/2016 (Insured; FGIC)
(Prerefunded 8/15/2009)	5,000,000	^a	5,712,350
5.25%, 2/1/2018 (Insured; FGIC)	10,500,000		11,102,280
5.75%, 8/15/2019 (Prerefunded 8/15/2009)	5,000,000	^a	5,652,750
5.50%, 5/1/2025 (Prerefunded 5/1/2009)	10,350,000	^a	11,546,046
New York State Dormitory Authority, Revenues:
10.284%, 5/15/2011	9,950,000	^b,c	12,511,329
(City University Systems):
5.25%, 7/1/2008 (Insured; FGIC)	200,000		217,804
8.56%, 7/1/2008 (Insured; FGIC)	4,900,000	^b,c	5,772,347
8.759%, 7/1/2008 (Insured; FGIC)	3,950,000	^b,c	4,662,422
5.35%, 7/1/2009 (Insured; FGIC)	200,000		218,036
5.50%, 7/1/2016 (Insured; AMBAC)	6,685,000		7,187,846
5.50%, 7/1/2016 (Insured; AMBAC)
(Prerefunded 7/1/2006)	16,315,000	^a	17,761,651
5.625%, 7/1/2016 (Insured; FGIC)	9,120,000		10,199,443
5.50%, 7/1/2019 (Insured; FSA)	10,000,000		10,743,700

	Principal
Long-Term Municipal Investments (continued)	Amount ($)		Value ($)

New York (continued)
New York State Dormitory Authority, Revenues (continued):
(Columbia University):
5.125%, 7/1/2018	4,450,000		4,708,234
5%, 7/1/2022	2,895,000		2,970,386
5%, 7/1/2023	5,220,000		5,336,510
Health, Hospital and Nursing Home:
Department of Health:
5%, 7/1/2010	7,465,000		7,981,279
5%, 7/1/2011	8,200,000		8,714,714
(Lenox Hill Hospital Obligated Group)
5.50%, 7/1/2030	2,625,000		2,646,158
(Memorial Sloan Kettering Cancer Center)
5.75%, 7/1/2020 (Insured; MBIA)	3,000,000		3,387,240
(Menorah Campus)
6.10%, 2/1/2037 (Insured; FHA)	8,300,000		9,033,720
(Miriam Osborne Memorial Home)
6.875%, 7/1/2025 (Insured; ACA)	6,105,000		6,690,103
(North Shore University Hospital at Forest Hills)
5.50%, 11/1/2013 (Insured; MBIA)	2,625,000		2,946,484
(New York University):
5.75%, 7/1/2027 (Insured; MBIA)	35,625,000		39,861,881
5.50%, 7/1/2040 (Insured; AMBAC)	8,000,000		8,710,560
(Rockefeller University) 5%, 7/1/2032	18,480,000		18,497,371
(School District Financing Program):
5.375%, 10/1/2022 (Insured; MBIA)	35,000,000		36,921,500
5.25%, 10/1/2023 (Insured; MBIA)	16,850,000		17,476,483
State Personal Income Tax
5.375%, 3/15/2020	5,000,000		5,297,800
(State University Educational Facilities):
5.875%, 5/15/2011	100,000		112,969
7.50%, 5/15/2011	2,570,000		3,005,075
7.50%, 5/15/2011	1,180,000		1,417,640
5.50%, 5/15/2013 (Insured; FGIC)	35,000		39,134
5.50%, 5/15/2013 (Insured; MBIA)	100,000		112,213
9.701%, 5/15/2013 (Insured; FGIC)	5,000,000	^b,c	6,181,200
9.701%, 5/15/2013 (Insured; MBIA)	6,450,000	^b,c	8,025,542
5.75%, 5/15/2016 (Insured; FSA)	4,000,000		4,548,000
5.75%, 5/15/2016 (Insured; FSA)
(Prerefunded 5/15/2010)	2,000,000	^a	2,275,080
5.50%, 7/1/2026 (Insured; FGIC)
(Prerefunded 7/1/2011)	10,000,000	^a	11,199,400
Third General Resolution
5.25%, 11/15/2012 (Insured; MBIA)	12,660,000		13,986,515

The Fund 9

S T A T E M E N T O F I N V E S T M E N T S (continued)

	Principal
Long-Term Municipal Investments (continued)	Amount ($)		Value ($)

New York (continued)
New York State Energy Research
and Development Authority:
Electric Facilities Revenue (Consolidated
Edison Co. Project) 7.125%, 12/1/2029	13,000,000		13,561,730
PCR (Central Hudson Gas)
5.45%, 8/1/2027 (Insured; AMBAC)	9,000,000		9,285,480
New York State Environmental Facilities Corp.,
State Water and Drinking Revolving Funds
(New York City Municipal Water Project):
5.25%, 6/15/2019	11,205,000		11,801,666
5.25%, 6/15/2020	13,745,000		14,420,017
New York State Housing Finance Agency, Revenue:
Health Facilities 6%, 5/1/2008	10,000		10,678
Housing Projects 6.10%, 11/1/2015 (Insured; FSA)	11,715,000		12,208,670
Multi-Family Housing Secured Mortgage
10.534%, 5/1/2008 (Guaranteed; SONYMA)	4,995,000	^b,c	5,669,425
New York State Local Government Assistance Corp.:
5%, 4/1/2021 (Insured; MBIA)	10,000,000		10,411,000
6%, 4/1/2024 (Prerefunded 4/1/2005)	6,905,000	^a	7,304,661
New York State Medical Care Facilities
Finance Agency, Revenue:
Hospital and Nursing Home FHA Insured Mortgage:
6.125%, 2/15/2015 (Insured; FHA)	10,680,000		11,150,988
6.125%, 2/15/2015
(Insured; FHA) (Prerefunded 2/15/2007)	2,105,000	^a	2,268,537
Mental Health Services 6%, 2/15/2025
(Insured; MBIA) (Prerefunded 2/15/2005)	8,710,000	^a	9,163,965
(Montefiore Medical Center)
5.75%, 2/15/2015 (Insured; AMBAC)	6,750,000		7,034,040
New York State Mortgage Agency,
Homeowner Mortgage, Revenue:
5.10%, 10/1/2007	150,000		158,870
5.40%, 10/1/2010	160,000		168,430
9.452%, 10/1/2010	1,380,000	^b,c	1,525,411
5.55%, 10/1/2012	190,000		199,126
9.752%, 10/1/2012	2,405,000	^b,c	2,635,423
5.85%, 4/1/2017	90,000		92,784
6%, 4/1/2017	6,000,000		6,275,580
6%, 10/1/2022	3,770,000		3,902,478
5.80%, 10/1/2028	8,760,000		8,781,112
5.85%, 10/1/2028	7,445,000		7,666,042
5.40%, 4/1/2029	9,995,000		10,098,748
5.875%, 4/1/2030	7,000,000		7,334,880

	Principal
Long-Term Municipal Investments (continued)	Amount ($)		Value ($)

New York (continued)
New York State Municipal Bond Bank Agency,
Special School Purpose Revenue 5.50%, 6/1/2012	3,500,000		3,842,125
New York State Power Authority,
Revenue and General Purpose:
5.25%, 11/15/2016	19,525,000		20,879,059
5%, 11/15/2019	18,210,000		18,760,670
5%, 11/15/2020	10,000,000		10,245,900
5%, 11/15/2021	11,000,000		11,224,180
New York State Thruway Authority:
Service Contract Revenue
(Local Highway and Bridge):
5%, 4/1/2006	21,570,000		22,643,539
5.25%, 4/1/2010	7,950,000		8,572,485
5.25%, 4/1/2010 (Prerefunded 4/1/2007)	1,450,000	^a	1,585,909
6%, 4/1/2011	2,200,000		2,434,146
6%, 4/1/2011 (Prerefunded 4/1/2007)	2,800,000	^a	3,119,704
6%, 4/1/2012	2,395,000		2,649,900
6%, 4/1/2012 (Prerefunded 4/1/2007)	3,800,000	^a	4,233,884
5.75%, 4/1/2016 (Insured; MBIA)
(Prerefunded 4/1/2006)	32,950,000	^a	35,779,087
State Personal Income Tax (Transportation)
5.125%, 3/15/2021	10,000,000		10,277,400
New York State Urban Development Corp.:
Correctional Capital Facilities:
5.625%, 1/1/2017 (Insured; FSA)
(Prerefunded 1/1/2006)	5,865,000	^a	6,312,382
5.25%, 1/1/2030 (Insured; FSA)
(Prerefunded 1/1/2011)	5,000,000	^a	5,497,050
Local or Guaranteed Housing
5.50%, 7/1/2016 (Insured; FHA)	10,000,000		10,736,700
State Facilities 5.70%, 4/1/2020 (Insured; MBIA)	20,000,000		22,490,400
Niagara County Industrial
Development Agency, SWDR
5.55%, 11/15/2024	2,500,000		2,608,800
Orange County Industrial Development Agency,
Life Care Community Revenue
(Glen Arden Inc. Project) 5.70%, 1/1/2028	4,600,000		3,733,222
Port Authority of New York and New Jersey:
(Consolidated Bond 85th Series) 5.375%, 3/1/2028	15,625,000		16,282,031
(Consolidated Bond 93rd Series) 6.125%, 6/1/2094	15,000,000		16,560,150
(Consolidated Bond 99th Series)
6%, 11/1/2013 (Insured; FGIC)	5,810,000		6,063,316

The Fund 11

S T A T E M E N T O F I N V E S T M E N T S (continued)

	Principal
Long-Term Municipal Investments (continued)	Amount ($)		Value ($)

New York (continued)
Port Authority of New York and New Jersey (continued):
(Consolidated Bond 121st Series)
5.375%, 10/15/2035 (Insured; MBIA)	14,950,000		15,180,529
(Consolidated Bond 125th Series)
5%, 10/15/2019 (Insured; FSA)	13,150,000		13,589,605
Special Obligation Revenue
(JFK International Air Terminal-6):
6.25%, 12/1/2013 (Insured; MBIA)	6,000,000		6,720,660
6.25%, 12/1/2014 (Insured; MBIA)	10,000,000		11,234,000
Suffolk County Industrial Development Agency:
IDR (Nissequogue Cogen Partners Facility)
5.30%, 1/1/2013	2,250,000		2,147,513
Solid Waste Disposal Facilities Revenue
(Ogden Martin Systems):
5.75%, 10/1/2006 (Insured; AMBAC)	25,000		26,928
10.23%, 10/1/2006 (Insured; AMBAC)	4,925,000	^b,c	5,684,534
Tobacco Settlement Financing Corp., Revenue
5.50%, 6/1/2017	10,000,000		10,573,800
Tompkins County Industrial Development Agency,
Civic Facility Revenue (Ithacare Center Project)
6.20%, 2/1/2037 (Insured; FHA)	6,000,000		6,543,360
Triborough Bridge and Tunnel Authority,
General Purpose Revenues:
5.375%, 1/1/2019 (Prerefunded 1/1/2016)	7,500,000	^a	8,298,300
5.50%, 1/1/2024	18,635,000		19,582,776
5.50%, 1/1/2030 (Prerefunded 1/1/2022)	10,540,000	^a	11,593,157
Watervliet Housing Authority, Residential Housing
Revenue (Beltrone Living Center Project):
6%, 6/1/2028	1,800,000		1,588,356
6.125%, 6/1/2038	6,800,000		5,945,444
Yonkers Industrial Development Agency,
Civic Facilities Revenue (Saint Joseph's Hospital):
6.15%, Series A 3/1/2015	1,000,000		880,600
6.15%, Series C 3/1/2015	3,500,000		3,082,100

		Principal
Long-Term Municipal Investments (continued)		Amount ($)		Value ($)

U.S. Related—3.7%
Commonwealth of Puerto Rico, Public Improvement:
5.50%, 7/1/2010 (Insured; FSA)		500,000		559,800
9.699%, 7/1/2010 (Insured; FSA)		4,800,000	^b,c	5,948,160
6%, 7/1/2015 (Insured; MBIA)		3,000,000		3,505,260
9.731%, 7/1/2015 (Insured; FSA)		5,000,000	^b,c	6,251,550
6%, 7/1/2026 (Prerefunded 7/1/2007)		5,000,000	^a	5,582,900
Puerto Rico Highway and Transportation
Authority, Highway Revenue
6%, 7/1/2022 (Prerefunded 7/1/2006)		9,500,000	^a	10,395,660
Puerto Rico Infrastructure Financing Authority,
Special Obligation 5.50%, 10/1/2040		5,000,000		5,253,500
Puerto Rico Public Buildings Authority, Revenue
(Government Facilities)
5.25%, 7/1/2014 (Insured; FGIC)		10,000,000		11,099,400


Total Investments (cost $	1,243,083,188)	99.6%	1,291,172,067
Cash and Receivables (Net)		.4%		5,258,371
Net Assets		100.0%	1,296,430,438

The Fund 13

S T A T E M E N T O F I N V E S T M E N T S (continued)

Summary of Abbreviations
ACA	American Capital Access	IDR	Industrial Development Revenue
AMBAC	American Municipal Bond	MBIA	Municipal Bond Investors Assurance
	Assurance Corporation		Insurance Corporation
FGIC	Financial Guaranty	PCR	Pollution Control Revenue
	Insurance Company	SONYMA	State of New York Mortgage
FHA	Federal Housing Administration		Agency
FSA	Financial Security Assurance	SWDR	Solid Waste Disposal Revenue

Summary of Combined Ratings (Unaudited)

Fitch	or	Moody's	or	Standard & Poor's	Value (%)

AAA		Aaa		AAA	61.0
AA		Aa		AA	27.5
A		A		A	5.8
BBB		Baa		BBB	1.8
Not Rated^d		Not Rated^d		Not Rated^d	3.9
					100.0

a Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
b	Inverse floater security—the interest rate is subject to change periodically.
c	Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.At May 31,2004, these securities amounted to $71,669,423 or 5.5% of net assets.
d	Securities which, while not rated by Fitch, Moody's and Standard & Poor's, have been determined by the Manager to be of comparable quality to those rated securities in which the fund may invest.

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES

May 31, 2004

		Cost	Value

Assets ($):
Investments in securities—
See Statement of Investments		1,243,083,188	1,291,172,067
Interest receivable			19,486,619
Receivable for shares of Common Stock subscribed			19,268
Prepaid expenses			33,982
			1,310,711,936

Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 3(a)			665,814
Cash overdraft due to Custodian			12,727,640
Payable for shares of Common Stock redeemed			743,994
Accrued expenses			144,050
			14,281,498

Net Assets (	$)		1,296,430,438

Composition of Net Assets ($):
Paid-in capital			1,255,991,257
Accumulated undistributed investment income—net			622,498
Accumulated net realized gain (loss) on investments			(8,272,196)
Accumulated net unrealized appreciation
(depreciation) on investments			48,088,879

Net Assets (	$)		1,296,430,438

Shares Outstanding
(300 million shares of $.001 par value Common Stock authorized)			88,610,761
Net Asset Value, offering and redemption price per share ($)			14.63

See notes to financial statements.

The Fund 15

STATEMENT OF OPERATIONS

Year Ended May 31, 2004

Investment Income ($):
Interest Income	68,507,591
Expenses:
Management fee—Note 3(a)	8,273,844
Shareholder servicing costs—Note 3(b)	1,303,377
Custodian fees	90,146
Professional fees	61,159
Directors' fees and expenses—Note 3(c)	53,361
Registration fees	27,640
Prospectus and shareholders' reports	27,601
Loan commitment fees—Note 2	12,818
Miscellaneous	53,281
Total Expenses	9,903,227
Less—reduction in management fee
due to undertaking—Note 3(a)	(54,801)
Net Expenses	9,848,426
Investment Income—Net	58,659,165

Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments	(7,612,743)
Net unrealized appreciation (depreciation) on investments	(72,206,114)
Net Realized and Unrealized Gain (Loss) on Investments	(79,818,857)
Net (Decrease) in Net Assets Resulting from Operations	(21,159,692)

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS

		Year Ended May 31,

	2004	2003

Operations ($):
Investment income—net	58,659,165	66,372,563
Net realized gain (loss) on investments	(7,612,743)	13,594,708
Net unrealized appreciation
(depreciation) on investments	(72,206,114)	53,696,300
Net Increase (Decrease) in Net Assets
Resulting from Operations	(21,159,692)	133,663,571

Dividends to Shareholders from ($):
Investment income—net	(58,076,982)	(66,134,988)
Net realized gain on investments	(6,777,398)	(14,931,558)
Total Dividends	(64,854,380)	(81,066,546)

Capital Stock Transactions ($):
Net proceeds from shares sold	102,743,447	195,712,798
Dividends reinvested	46,454,291	58,417,647
Cost of shares redeemed	(242,670,085)	(292,533,515)
Increase (Decrease) in Net Assets
from Capital Stock Transactions	(93,472,347)	(38,403,070)
Total Increase (Decrease) in Net Assets	(179,486,419)	14,193,955

Net Assets ($):
Beginning of Period	1,475,916,857	1,461,722,902
End of Period	1,296,430,438	1,475,916,857
Undistributed investment income—net	622,498	171,979

Capital Share Transactions (Shares):
Shares sold	6,819,799	12,854,928
Shares issued for dividends reinvested	3,096,903	3,833,192
Shares redeemed	(16,114,324)	(19,177,788)
Net Increase (Decrease) in Shares Outstanding	(6,197,622)	(2,489,668)

See notes to financial statements.

The Fund 17

FINANCIAL HIGHLIGHTS

The following table describes the performance for the fiscal periods indicated.Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions.These figures have been derived from the fund's financial statements.

			Year Ended May 31,

	2004	2003	2002^a	2001	2000

Per Share Data ($):
Net asset value, beginning of period	15.57	15.02	14.96	14.03	15.27
Investment Operations:
Investment income—net	.64^b	.69^b	.72^b	.72	.72
Net realized and unrealized
gain (loss) on investments	(.88)	.71	.11	.93	(1.10)
Total from Investment Operations	(.24)	1.40	.83	1.65	(.38)
Distributions:
Dividends from investment
income—net	(.63)	(.69)	(.73)	(.72)	(.73)
Dividends from net realized
gain on investments	(.07)	(.16)	(.04)	(.00)^c	(.13)
Total Distributions	(.70)	(.85)	(.77)	(.72)	(.86)
Net asset value, end of period	14.63	15.57	15.02	14.96	14.03

Total Return (%)	(1.57)	9.56	5.64	11.99	(2.44)

Ratios/Supplemental Data (%):
Ratio of expenses to
average net assets	.71	.71	.70	.73	.75
Ratio of net investment income
to average net assets	4.25	4.53	4.82	4.91	5.02
Decrease reflected in
above expense ratios
due to undertakings by
The Dreyfus Corporation	.00^d	—	—	.04	.05
Portfolio Turnover Rate	24.22	29.28	19.47	17.57	37.67

Net Assets, end of period
($ x 1,000)	1,296,430	1,475,917	1,461,723	1,449,047	1,387,952

a	As required, effective June 1, 2001, the fund has adopted the provisions of the AICPA Audit and Accounting Guide
	for Investment Companies and began amortizing discount or premium on a scientific basis for debt securities on a
	daily basis.The effect of this change for the period ended May 31, 2002 was to increase net investment income per
	share and decrease net realized and unrealized gain (loss) on investments per share by less than $.01 and increase the
	ratio of net investment income to average net assets from 4.81% to 4.82%.	Per share data and ratios/supplemental
	data for periods prior to June 1, 2001 have not been restated to reflect this change in presentation.
b	Based on average shares outstanding at each month end.
c	Amount represents less than $.01 per share.
d	Amount represents less than .01%.

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus New York Tax Exempt Bond Fund, Inc. (the "fund") is registered under the Investment Company Act of 1940 (the "Act"), as a non-diversified, open-end management investment company. The fund's investment objective is to provide investors with as high a level of current income exempt from federal, New York state and New York city personal income taxes as is consistent with the preservation of capital.The Dreyfus Corporation (the "Manager" or "Dreyfus") serves as the fund's investment adviser.The Manager is a wholly-owned subsidiary of Mellon Financial Corporation ("Mellon Financial"). Dreyfus Service Corporation (the "Distributor"), a wholly-owned subsidiary of the Manager, is the distributor of the fund's shares, which are sold to the public without a sales charge.

The fund's financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The fund enters into contracts that contain a variety of indemnifications. The fund's maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.

(a) Portfolio valuation: Investments in securities are valued each business day by an independent pricing service (the "Service") approved by the Board of Directors. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions.

The Fund 19

NOTES TO FINANCIAL STATEMENTS (continued)

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on the identified cost basis. Interest income, adjusted for amortization of discount and premium on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Under the terms of the custody agreement, the fund received net earnings credits of $30,897 during the period ended May 31, 2004 based on available cash balances left on deposit. Income earned under this arrangement is included in interest income.

The fund follows an investment policy of investing primarily in municipal obligations of one state. Economic changes affecting the state and certain of its public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal of, municipal obligations held by the fund.

(c) Dividends to shareholders: It is the policy of the fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gain, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code").To the extent that net realized capital gain can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gain.Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.

(d) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

At May 31, 2004, the components of accumulated earnings on a tax basis were as follows: undistributed tax exempt income $622,498, accumulated capital losses $6,706,579 and unrealized appreciation $47,254,505. In addition, the fund had $757,612 of capital losses realized after October 31, 2003, which were deferred for tax purposes to the first day of the following fiscal year.

The accumulated capital loss carryover is available to be applied against future net securities profits, if any, realized subsequent to May 31, 2004. If not applied, the carryover expires in fiscal 2012.

The tax character of distributions paid to shareholders during the fiscal periods ended May 31, 2004 and May 31, 2003 were as follows: tax exempt income $58,076,982 and $66,134,988, ordinary income $3,255,862 and $412,111, and long-term capital gains $3,521,536 and $14,519,447.

During the period ended May 31, 2004, as a result of permanent book to tax differences primarily due to amortization adjustments, the fund decreased accumulated undistributed investment income-net by $131,664, increased accumulated net realized gain (loss) on investments by $161,315 and decreased paid-in capital by $29,651. Net assets were not affected by this reclassification.

NOTE 2—Bank Line of Credit:

The fund participates with other Dreyfus-managed funds in a $350 million redemption credit facility (the "Facility") to be utilized for temporary or emergency purposes, including the financing of redemptions. In connection therewith, the fund has agreed to pay commitment fees on its pro rata portion of the Facility. Interest is charged to the fund based on prevailing market rates in effect at the time of borrowings. During the period ended May 31, 2004, the fund did not borrow under the Facility.

The Fund 21

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE 3—Management Fee and Other Transactions With Affiliates:

(a) Pursuant to a management agreement ("Agreement") with the Manager, the management fee is computed at the annual rate of .60 of 1% of the value of the fund's average daily net assets and is payable monthly. The Agreement provides that if in any full fiscal year the aggregate expenses of the fund, exclusive of taxes, interest on borrowings, brokerage commissions, commitment fees and extraordinary expenses, exceed 1¹/₂% of the value of the fund's average daily net assets, the fund may deduct from payments to be made to the Manager, or the Manager will bear such excess expense. The Manager has undertaken from May 1, 2004 through October 31, 2004 to waive receipt of .05% in management fee payable to the fund.The reduction in management fee, pursuant to the undertaking, amounted to $54,801 during the period ended May 31, 2004.

The components of Due to The Dreyfus Corporation and affiliates in the Statement of Assets and Liabilities consists of: management fees $657,615, shareholder services plan fees $2,000 and transfer agency per account fees $61,000, which are offset against an expense reimbursement currently in effect in the amount of $54,801.

(b) Under the Shareholder Services Plan, the fund reimburses the Distributor an amount not to exceed an annual rate of .25 of 1% of the value of the fund's average daily net assets for certain allocated expenses of providing personal services and/or maintaining shareholder accounts.The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. During the period ended May 31, 2004, the fund was charged $740,680 pursuant to the Shareholder Services Plan.

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing personnel and facilities to perform transfer agency services for the fund. During the period ended May 31, 2004, the fund was charged $358,130 pursuant to the transfer agency agreement.

(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Effective October 15, 2003, annual retainer fees and attendance fees are allocated to each fund based on net assets. Prior to October 15, 2003, each director who was not an "affiliated person" as defined in the Act received from the fund an annual fee of $4,500 and an attendance fee of $500 per meeting for services to the fund.The Chairman of the Board received an additional 25% of such compensation and continues to do so under the new compensation structure.

(d) A .10% redemption fee is charged and retained by the fund on shares redeemed within thirty days following the date of issuance, including redemptions made through the use of the fund's exchange privilege. During the period ended May 31, 2004, redemption fees charged and retained by the fund amounted to $4,110.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended May 31, 2004, amounted to $324,249,406 and $396,730,793, respectively.

At May 31,2004,the cost of investments for federal income tax purposes was $1,243,917,562; accordingly, accumulated net unrealized appreciation on investments was $47,254,505, consisting of $59,723,198 gross unrealized appreciation and $12,468,693 gross unrealized depreciation.

The Fund 23

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE 5—Legal Matters:

Two class actions (which have been consolidated) have been filed against Mellon Financial and Mellon Bank, N.A., and Dreyfus and Founders Asset Management LLC (the "Investment Advisers"), and the directors of all or substantially all of the Dreyfus funds, alleging that the Investment Advisers improperly used assets of the Dreyfus funds, in the form of directed brokerage commissions and 12b-1 fees, to pay brokers to promote sales of Dreyfus funds,and that the use of fund assets to make these payments was not properly disclosed to investors.The complaints further allege that the directors breached their fiduciary duties to fund shareholders under the Investment Company Act of 1940 and at common law. The complaints seek unspecified compensatory and punitive damages, rescission of the funds' contracts with the Investment Advisers, an accounting of all fees paid, and an award of attorneys' fees and litigation expenses. Dreyfus and the Dreyfus funds believe the allegations to be totally without merit and will defend the actions vigorously.

Additional lawsuits arising out of these circumstances and presenting similar allegations and requests for relief may be filed against the defendants in the future. Neither Dreyfus nor the Dreyfus funds believe that any of the pending actions will have a material adverse effect on the Dreyfus funds or Dreyfus' ability to perform its contracts with the Dreyfus funds.

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

Shareholders and Board of Directors

Dreyfus New York Tax Exempt Bond Fund, Inc.

We have audited the accompanying statement of assets and liabilities of Dreyfus New York Tax Exempt Bond Fund, Inc., including the statement of investments, as of May 31, 2004, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the years indicated therein.These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of May 31, 2004 by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus New York Tax Exempt Bond Fund, Inc. at May 31, 2004, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the indicated years, in conformity with U.S. generally accepted accounting principles.

New York, New York

July 9, 2004

The Fund 25

IMPORTANT TAX INFORMATION (Unaudited)

In accordance with federal tax law, the fund hereby makes the following designations regarding its fiscal year ended May 31, 2004:

all the dividends paid from investment income-net are "exempt-interest dividends" (not subject to regular federal income tax, and for individuals who are New York residents, New York state and New York city personal income taxes), and
the fund hereby designates $.0384 per share as a long-term capital gain distribution of the $.0739 per share paid on December 5, 2003.

As required by federal tax law rules, shareholders will receive notification of their portion of the fund's taxable ordinary dividends (if any) and capital gains distributions (if any) paid for the 2004 calendar year on Form 1099-DIV which will be mailed by January 31, 2005.

BOARD MEMBERS INFORMATION (Unaudited)

Joseph S. DiMartino (60)

Chairman of the Board (1995)

Principal Occupation During Past 5 Years:

• Corporate Director and Trustee

Other Board Memberships and Affiliations:

• The Muscular Dystrophy Association, Director

• Levcor International, Inc., an apparel fabric processor, Director

• Century Business Services, Inc., a provider of outsourcing functions for small and medium size

companies, Director

• The Newark Group, a provider of a national market of paper recovery facilities, paperboard

mills and paperboard converting plants, Director

No. of Portfolios for which Board Member Serves: 186

———————

David W. Burke (68)

Board Member (1994)

Principal Occupation During Past 5 Years:

• Corporate Director and Trustee

Other Board Memberships and Affiliations:

• John F. Kennedy Library Foundation, Director

• U.S.S. Constitution Museum, Director

No. of Portfolios for which Board Member Serves: 83

———————

Samuel Chase (72)

Board Member (1985)

Principal Occupation During Past 5 Years:

• Corporate Director and Trustee

No. of Portfolios for which Board Member Serves: 15

———————

Gordon J. Davis (62)

Board Member (1995)

Principal Occupation During Past 5 Years:

• Partner in the law firm of LeBoeuf, Lamb, Greene & MacRae LLP

• President, Lincoln Center for Performing Arts, Inc. (2001)

Other Board Memberships and Affiliations:

• Consolidated Edison, Inc., a utility company, Director

• Phoenix Companies, Inc., a life insurance company, Director

• Board Member/Trustee for several not-for-profit groups

No. of Portfolios for which Board Member Serves: 25

The Fund 27

BOARD MEMBERS INFORMATION (Unaudited) (continued)

Joni Evans (62)

Board Member (1983)

Principal Occupation During Past 5 Years:

• Senior Vice President of the William Morris Agency

No. of Portfolios for which Board Member Serves: 15

———————

Arnold S. Hiatt (77)

Board Member (1983)

Principal Occupation During Past 5 Years:

• Chairman of The Stride Rite Charitable Foundation

Other Board Memberships and Affiliations:

• Isabella Stewart Gardner Museum,Trustee

• John Merck Fund, a charitable trust,Trustee

• Business for Social Responsibility, Chairman

No. of Portfolios for which Board Member Serves: 15

———————

Burton N. Wallack (53)

Board Member (1991)

Principal Occupation During Past 5 Years:

• President and co-owner of Wallack Management Company, a real estate management company

No. of Portfolios for which Board Member Serves: 15

———————

Once elected all Board Members serve for an indefinite term.The address of the Board Members and Officers is in c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166.Additional information about the Board Members is available in the fund's Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-554-4611.

OFFICERS OF THE FUND (Unaudited)

STEPHEN E. CANTER, President since March 2000.

Chairman of the Board, Chief Executive Officer and Chief Operating Officer of the Manager, and an officer of 97 investment companies (comprised of 190 portfolios) managed by the Manager. Mr. Canter also is a Board member and, where applicable, an Executive Committee Member of the other investment management subsidiaries of Mellon Financial Corporation, each of which is an affiliate of the Manager. He is 58 years old and has been an employee of the Manager since May 1995.

STEPHEN R. BYERS, Executive Vice President since November 2002.

Chief Investment Officer,Vice Chairman and a Director of the Manager, and an officer of 97 investment companies (comprised of 190 portfolios) managed by the Manager. Mr. Byers also is an officer, director or an Executive Committee Member of certain other investment management subsidiaries of Mellon Financial Corporation, each of which is an affiliate of the Manager. He is 50 years old and has been an employee of the Manager since January 2000. Prior to joining the Manager, he served as an Executive Vice President-Capital Markets, Chief Financial Officer and Treasurer at Gruntal & Co., L.L.C.

MARK N. JACOBS, Vice President since March 2000.

Executive Vice President, Secretary and General Counsel of the Manager, and an officer of 98 investment companies (comprised of 206 portfolios) managed by the Manager. He is 58 years old and has been an employee of the Manager since June 1977.

JOHN B. HAMMALIAN, Secretary since March 2000.

Associate General Counsel of the Manager, and an officer of 37 investment companies (comprised of 46 portfolios) managed by the Manager. He is 40 years old and has been an employee of the Manager since February 1991.

STEVEN F. NEWMAN, Assistant Secretary since March 2000.

Associate General Counsel and Assistant Secretary of the Manager, and an officer of 98 investment companies (comprised of 206 portfolios) managed by the Manager. He is 54 years old and has been an employee of the Manager since July 1980.

MICHAEL A. ROSENBERG, Assistant Secretary since March 2000.

Associate General Counsel of the Manager, and an officer of 95 investment companies (comprised of 199 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since October 1991.

JAMES WINDELS, Treasurer since November 2001.

Director – Mutual Fund Accounting of the Manager, and an officer of 98 investment companies (comprised of 206 portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since April 1985.

The Fund 29

OFFICERS OF THE FUND (Unaudited) (continued)

GREGORY S. GRUBER, Assistant Treasurer since March 2000.

Senior Accounting Manager – Municipal Bond Funds of the Manager, and an officer of 30 investment companies (comprised of 59 portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since August 1981.

KENNETH J. SANDGREN, Assistant Treasurer since November 2001.

Mutual Funds Tax Director of the Manager, and an officer of 98 investment companies (comprised of 206 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since June 1993.

WILLIAM GERMENIS, Anti-Money Laundering Compliance Officer since October 2002.

Vice President and Anti-Money Laundering Compliance Officer of the Distributor, and the Anti-Money Laundering Compliance Officer of 93 investment companies (comprised of 201 portfolios) managed by the Manager. He is 33 years old and has been an employee of the Distributor since October 1998.

NOTES

For More Information

Dreyfus

New York Tax Exempt

Bond Fund, Inc.

200 Park Avenue

New York, NY 10166

Manager

The Dreyfus Corporation

200 Park Avenue

New York, NY 10166

Custodian

The Bank of New York

One Wall Street

New York, NY 10286

Transfer Agent &

Dividend Disbursing Agent

Dreyfus Transfer, Inc.

200 Park Avenue

New York, NY 10166

Distributor

Dreyfus Service Corporation

200 Park Avenue

New York, NY 10166

To obtain information:

By telephone

Call 1-800-645-6561

By mail Write to:

The Dreyfus Family of Funds 144 Glenn Curtiss Boulevard Uniondale, NY 11556-0144

By E-mail Send your request to info@dreyfus.com

On the Internet Information can be viewed online or downloaded from: http://www.dreyfus.com

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

The Registrant's Board has determined that Joseph S. DiMartino, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Mr. DiMartino is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

Item 4. Principal Accountant Fees and Services

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $35,700 in 2003 and $37,485 in 2004.

(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $-0- in 2003 and $-0- in 2004.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $30,000 in 2003 and $273,500 in 2004.

Note: For the second paragraph in each of (b) through (d) of this Item 4, certain of such services were not pre-approved prior to May 6, 2003, when such services were required to be pre-approved. On and after May 6, 2003, 100% of all services provided by the Auditor were pre-approved as required. For comparative purposes, the fees shown assume that all such services were pre-approved, including services that were not pre-approved prior to the compliance date of the pre-approval requirement.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $2,207 in 2003 and $3,589 in 2004. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, (iii) tax advice regarding tax qualification matters and/or

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treatment of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies.

The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates which required pre-approval by the Audit Committee were $-0- in 2003 and $-0- in 2004.

(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $-0- in 2003 and $864 in 2004. These services consisted of a review of the Registrant's anti-money laundering program.

The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service

Affiliates, other than the services reported in paragraphs (b) and (c) of this Item, which required pre-approval by the Audit Committee were $-0- in 2003 and $-0- in 2004.

Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.

Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $275,773 in 2003 and $611,435 in 2004.

Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates which were not pre-approved (not requiring pre-approval) is compatible with maintaining the Auditor's independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. [Reserved]

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management

Investment Companies.

Not applicable.

Item 8. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 9. Submission of Matters to a Vote of Security Holders.

The Fund has a Nominating Committee, which is responsible for selecting and nominating persons for election or appointment by the Fund's Board as Board members. The Committee has adopted a Nominating Committee Charter ("Charter"). Pursuant to the Charter, the Committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Fund, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 8^th Floor West, New York, New York 10166. A nomination submission must include information regarding the recommended nominee as specified in the

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Charter. This information includes all information relating to a recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Board members, as well as information sufficient to evaluate the factors to be considered by the Committee, including character and integrity, business and professional experience, and whether the person has the ability to apply sound and independent business judgment and would act in the interests of the Fund and its shareholders. Nomination submissions are required to be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the Committee.

Item 10. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 11. Exhibits.

(a)(1) Code of ethics referred to in Item 2.

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(3) Not applicable.

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.

By:	/s/ Stephen E. Canter

	Stephen E. Canter
	President

Date:	July 28, 2004

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Stephen E. Canter

	Stephen E. Canter
	Chief Executive Officer

Date:	July 28, 2004

By:	/s/ James Windels

	James Windels
	Chief Financial Officer

Date:	July 28, 2004

EXHIBIT INDEX

(a)(1) Code of ethics referred to in Item 2.

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)

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P:\Edgar Filings\Pending\980\N-csr\form-ncsr - annual -07-04.DOC

Average Annual Total Returns as of 5/31/04

(1.57)%