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Statements

Subject Item
dbr:State_of_New_York_Municipal_Bond_Bank_Agency
rdfs:label
State of New York Municipal Bond Bank Agency
rdfs:comment
The State of New York Municipal Bond Bank Agency (MBBA) was a New York State public-benefit corporation founded in 1972 by the state legislature to offer municipalities increased access to the bond market by creating an alternate method by which they could sell their general obligation bonds. MBBA was authorized to issue up to $1 billion of its bonds and to use the proceeds to buy bonds issued by municipalities. Following its creation there was insufficient interest by municipalities to use MBBA's financial services. In 1991 the cities of Buffalo and Rochester entered into agreements with MBBA to sell their bonds to MBBA in order to refund excess property taxes paid by residents of those cities. In 2017, it had operating expenses of $640,000, an outstanding debt of $402 million, and a staf
dcterms:subject
dbc:Public_benefit_corporations dbc:1972_establishments_in_New_York_(state) dbc:Politics_of_New_York_(state) dbc:Public_benefit_corporations_in_New_York_(state)
dbo:wikiPageID
58966971
dbo:wikiPageRevisionID
1118551552
dbo:wikiPageWikiLink
dbr:Bond_market dbc:Politics_of_New_York_(state) dbr:New_York_State_Housing_Finance_Agency dbc:Public_benefit_corporations dbr:State_of_New_York_Mortgage_Agency dbc:Public_benefit_corporations_in_New_York_(state) dbr:Empire_State_Development_Corporation dbr:New_York_State_Legislature dbr:New_York_state_public-benefit_corporations dbc:1972_establishments_in_New_York_(state)
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n12:9PM1s wikidata:Q60751795
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dbt:Portal dbt:Reflist dbt:New_York_state_agencies dbt:New_York_state_public-benefit_corporations dbt:NYStateOfficers
dbo:abstract
The State of New York Municipal Bond Bank Agency (MBBA) was a New York State public-benefit corporation founded in 1972 by the state legislature to offer municipalities increased access to the bond market by creating an alternate method by which they could sell their general obligation bonds. MBBA was authorized to issue up to $1 billion of its bonds and to use the proceeds to buy bonds issued by municipalities. Following its creation there was insufficient interest by municipalities to use MBBA's financial services. In 1991 the cities of Buffalo and Rochester entered into agreements with MBBA to sell their bonds to MBBA in order to refund excess property taxes paid by residents of those cities. In 2017, it had operating expenses of $640,000, an outstanding debt of $402 million, and a staffing level of 269 people It has been absorbed by New York State Homes and Community Renewal.
prov:wasDerivedFrom
wikipedia-en:State_of_New_York_Municipal_Bond_Bank_Agency?oldid=1118551552&ns=0
dbo:wikiPageLength
2001
foaf:isPrimaryTopicOf
wikipedia-en:State_of_New_York_Municipal_Bond_Bank_Agency