State of New York Municipal Bond Bank Agency

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.

Source: Wikipedia — State of New York Municipal Bond Bank Agency (CC BY-SA 4.0)