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ANDREWS TITLE CFO EX-99.77E LEGAL 2 bse77e.htm Unassociated Document
 
 
 


 
NSAR Item 8/31/77E - BlackRock New York Municipal Income Quality Trust ("BSE")
 
 
Curbow Litigation
 
A purported derivative complaint had been filed by Roy Curbow and other shareholders of  BSE on July 27, 2010 in the Supreme Court of the State of New York, New York County.  The complaint named BlackRock Advisors, LLC, BlackRock, Inc. and certain of the board members, officers and portfolio managers of BSE as defendants.  The complaint alleged, among other things, that the parties named in the complaint breached fiduciary duties owed to BSE and its common shareholders and committed waste by redeeming BSE's auction preferred shares at their liquidation preference. The complaint sought unspecified damages for losses purportedly suffered by BSE as a result of the prior redemptions and injunctive relief preventing BSE from redeeming auction preferred shares at their liquidation preference in the future and awarding the plaintiffs the costs and disbursements of the action, including reasonable attorneys', accountants' and experts' fees and expenses.  The plaintiffs in the Curbow Action previously moved to preliminarily enjoin BlackRock Credit Allocation Income Trust II, Inc. (PSY) and BlackRock Credit Allocation Income Trust IV (BTZ) from redeeming their outstanding auction preferred shares and, on December 23, 2010, the Court denied that motion.
 
 
On April 16, 2012, Plaintiffs filed a Consolidated Shareholder Derivative Complaint (the "Consolidated Complaint"), which amends the allegations in the original complaint.  The Consolidated Complaint does not specifically seek injunctive relief preventing BSE from redeeming auction preferred shares at the liquidation preference in the future.  Defendants moved to dismiss the Consolidated Shareholder Derivative Complaint on July 20, 2012.  Plaintiffs, on September 14, 2012, moved to hold the defendants' motion to dismiss in abeyance and allow plaintiffs limited discovery of the Demand Review Committee of the Board of Directors, including depositions of its members and documents upon which they relied.
 
 

 

856286-NYCSR06A - MSW
 
 
 

EX-99.77B ACCT LTTR 3 munieight77b.htm Unassociated Document
 
 
 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
  
To the Shareholders and Board of Directors of the BlackRock MuniHoldings New York Quality Fund, Inc. and to the Shareholders and Board of Trustees of: BlackRock Maryland Municipal Bond Trust, , BlackRock New Jersey Municipal Bond Trust, BlackRock New York Municipal Bond Trust , BlackRock New York Municipal Income Quality Trust, BlackRock New York Municipal Income Trust II, BlackRock Virginia Municipal Bond Trust, and The Massachusetts Health & Education Tax-Exempt Trust (collectively the Trusts):
 
In planning and performing our audits of the financial statements of the BlackRock MuniHoldings New York Quality Fund, Inc., BlackRock Maryland Municipal Bond Trust, , BlackRock New Jersey Municipal Bond Trust, BlackRock New York Municipal Bond Trust , BlackRock New York Municipal Income Quality Trust, BlackRock New York Municipal Income Trust II, BlackRock Virginia Municipal Bond Trust, and The Massachusetts Health & Education Tax-Exempt Trust, as of and for the year ended August 31, 2012, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the internal control over financial reporting.  Accordingly, we express no such opinion.
  
The management of the Trusts are responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A trust’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A trust's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the trust; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the trust are being made only in accordance with authorizations of management and directors of the trust; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a trust's assets that could have a material effect on the financial statements.
  
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.
 
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the trust's annual or interim financial statements will not be prevented or detected on a timely basis.
  
Our consideration of the Trusts’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States).  However, we noted no deficiencies in the Trusts’ internal control over financial reporting and their operation, including controls for safeguarding securities, that we consider to be a material weakness, as defined above, as of August 31, 2012.
  
This report is intended solely for the information and use of management, the Board of Directors of the BlackRock MuniHoldings New York Quality Fund, Inc., the Board of Trustees of: BlackRock Maryland Municipal Bond Trust, , BlackRock New Jersey Municipal Bond Trust, BlackRock New York Municipal Bond Trust , BlackRock New York Municipal Income Quality Trust, BlackRock New York Municipal Income Trust II, BlackRock Virginia Municipal Bond Trust, and The Massachusetts Health & Education Tax-Exempt Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
 
 
Deloitte & Touche LLP
Boston, Massachusetts
October 25, 2012