Over the next several months, the State of New York Municipal Bond Bank Agency (MBBA), a public benefit corporation for the State of New York, will begin purchasing tax lien receivables from the various municipalities, ramping up for its initial securitization. The MBBA has already begun discussions with several New York counties and cities.

Though the first transaction could conceivably come to market before yearend, it is conservatively budgeted for spring 2003, sources said.

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