Municipal Bond Bank Agency (MBBA)

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.

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.

In 2009, amendments to the Agency's enabling legislation led to implementation of the MBBA Recovery Act Bond program, which helped local governments take advantage of bonding authorization in the federal American Recovery and Reinvestment Act of 2009 (ARRA). Under this program, the Agency purchased tax-exempt and taxable bonds issued by local governments under ARRA provisions, creating cost efficiencies and interest rate savings for municipalities. This program ended December 31, 2010 with the expiration of the ARRA taxable bond provisions.

The MBBA is in the process of developing a new financing program to assist County governments who wish to finance the acquisition of qualified interoperable and emergency facilities and equipment. Under the Interoperable and Emergency Communications Program (the "Program"), MBBA will purchase full faith and credit general obligation bonds issued by Counties in the State of New York for such purposes. MBBA, in turn, will sell its bonds to raise funds to finance these purchases.

Financing through the MBBA will make a County eligible to receive debt service subsidies for the life of the bonds through the State's Office of Interoperable and Emergency Communications ("OIEC") in conjunction with the Statewide Interoperable and Emergency Communications Board (the "Board").

Although the details of the Program have not yet been finalized, we have listed the requirements for financing through MBBA, including the documentation that we expect will be required from those Counties who wish to use MBBA financing. In evaluating the Program, it is important to note that we only can purchase general obligation bonds of Counties in New York State. As such, much of the documentation we require is the same as would be provided for any bond sale to the public.

To contact MBBA to ask questions or submit documents, send an email to: [email protected].