John Valente

Vermont Municipal Bond Bank (VMBB) is an instrumentality of the State of Vermont, administered by a board of directors that includes the State Treasurer and four members appointed by the Governor. The VMBB was established in 1970 with a mandate to provide municipalities with access to capital markets at the lowest possible cost. Municipal applicants sell their bonds to the VMBB. The Bond Bank pools or combines the municipal bonds into one large bond issue which is then sold by the VMBB in the public municipal bond market. The proceeds of these bonds are loaned back to the participating municipalities.