State of New York Municipal Bond Bank Agency (MBBA)

Mission

MBBA provides access to the capital markets for special programs and purposes that benefit the municipalities of the State of New York.

MBBA was created in 1972 to help municipalities gain access to the capital markets. The Agency has the authority to issue bonds and use the proceeds to purchase bonds and notes issued by local governments to finance public improvements.

Recent amendments to the Agency's enabling legislation led to implementation of the MBBA Recovery Act Bond program, which helps local governments take advantage of bonding authorization in the federal American Recovery and Reinvestment Act of 2009 (ARRA). Under this program, the Agency purchases tax-exempt and taxable bonds issued by local governments under ARRA provisions, creating cost efficiencies and interest rate savings for municipalities. Further information about MBBA's mission can be found in its Mission Statement.