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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-02688 Name of Fund: BlackRock Municipal Bond Fund, Inc. BlackRock High Yield Municipal Fund BlackRock Municipal Insured Fund BlackRock National Municipal Fund BlackRock Short-Term Municipal Fund Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809 Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Municipal Bond Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011 Registrants telephone number, including area code: (800) 441-7762 Date of fiscal year end: 06/30/2008 Date of reporting period: 01/01/2008 03/31/2008 Item 1 Schedule of Investments |
BlackRock Municipal Bond Fund, Inc. - BlackRock Short-Term Municipal Fund
Schedule of Investments as of March 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
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Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
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Alabama - 2.9% | Huntsville, Alabama, GO, Refunding, Series A, 5.25%, 2/01/09 (a) | $ 8,095 | $ 8,325,222 | |||||
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Arizona - 2.4% | Yavapai County, Arizona, IDA, Solid Waste Disposal Revenue Bonds | |||||||
(Waste Management Inc. Project), VRDN, AMT, 4%, 6/01/27 (b) | 7,000 | 6,959,120 | ||||||
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California - 1.0% | California Pollution Control Financing Authority, Solid Waste Disposal | |||||||
Revenue Bonds (Republic Services, Inc. Project), VRDN, AMT, 3.10%, | ||||||||
3/01/28 (b) | 750 | 750,000 | ||||||
California State, Economic Recovery, GO, Series A, 5%, 7/01/10 | 2,000 | 2,109,560 | ||||||
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2,859,560 | ||||||||
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Delaware - 3.8% | Delaware State, GO, Refunding, 5%, 3/01/11 | 10,000 | 10,687,200 | |||||
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District of | Metropolitan Washington Airports Authority, D.C., Airport System | |||||||
Columbia - 1.7% | Revenue Refunding Bonds, AMT, Series A, 5%, 10/01/10 (c) | 4,665 | 4,851,553 | |||||
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Florida - 12.7% | Florida Hurricane Catastrophe Fund Financing Corporation Revenue | |||||||
Bonds, Series A, 5%, 7/01/10 | 7,000 | 7,319,200 | ||||||
Florida State Turnpike Authority, Turnpike Revenue Refunding Bonds, | ||||||||
VRDN, Series A, 5%, 7/01/10 | 3,000 | 3,163,650 | ||||||
Miami-Dade County, Florida, Educational Facilities Authority Revenue | ||||||||
Bonds (University of Miami), Series A, 5.75%, | ||||||||
4/01/10 (c)(d) | 2,020 | 2,174,348 | ||||||
Orange County, Florida, Tourist Development, Tax Revenue Bonds, | ||||||||
5.50%, 10/01/09 (c)(d) | 14,195 | 14,940,663 | ||||||
Sunshine State Governmental Finance Commission, Florida, Revenue | ||||||||
Bonds, VRDN, 6%, 7/01/16 (b)(c) | 8,685 | 8,685,000 | ||||||
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36,282,861 | ||||||||
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Georgia - 2.0% | Catoosa County, Georgia, School District, GO, 4.25%, 8/01/08 (e) | 5,600 | 5,646,928 | |||||
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Illinois - 1.9% | Illinois Educational Facilities Authority, Revenue Refunding Bonds | |||||||
(University of Chicago), Series A, 5.25%, 7/01/11 (d) | 5,000 | 5,452,850 | ||||||
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Indiana - 2.2% | Indiana Bond Bank Revenue Bonds (State Revolving Fund), Series B, | |||||||
5.30%, 8/01/10 (d) | 4,750 | 5,109,575 | ||||||
Indiana State Development Finance Authority, IDR (Republic Services, | ||||||||
Inc. Project), VRDN, AMT, 3.09%, 11/01/35 (b) | 1,000 | 1,000,000 | ||||||
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6,109,575 | ||||||||
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Massachusetts - 3.0% | Massachusetts State Consolidated Loan, GO, Series C, | |||||||
5%, 5/01/08 (f) | 8,505 | 8,526,858 | ||||||
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Michigan - 3.6% | Detroit, Michigan, Water Supply System Revenue Bonds, Second Lien, | |||||||
Series B, 5.50%, 7/01/11 (d)(g) | 5,000 | 5,491,550 | ||||||
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Portfolio Abbreviations
To simplify the listings of BlackRock Short-Term Municipal Fund's portfolio holdings in the Schedule of Investments, we have abbreviated the names of many of the securities according to the list below.
AMT | Alternative Minimum Tax (subject to) | IDR | Industrial Development Revenue Bonds | |||
COP | Certificates of Participation | M/F | Multi-Family | |||
EDR | Economic Development Revenue Bonds | PCR | Pollution Control Revenue Bonds | |||
GO | General Obligation Bonds | TRAN | Tax Revenue Anticipation Notes | |||
HFA | Housing Finance Agency | VRDN | Variable Rate Demand Notes | |||
IDA | Industrial Development Authority |
1
BlackRock Municipal Bond Fund, Inc. - BlackRock Short-Term Municipal Fund
Schedule of Investments as of March 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
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Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
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Michigan State Strategic Fund, Limited Obligation Revenue Bonds (Kay | ||||||||
Screen Printing, Inc. Project), VRDN, AMT, 3.60%, 5/01/20 (b) | $ 280 | $ 280,000 | ||||||
Michigan State Trunk Line Fund, Revenue Refunding Bonds, Series B, | ||||||||
5%, 9/01/10 (a) | 4,120 | 4,365,964 | ||||||
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10,137,514 | ||||||||
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Minnesota - 2.3% | Minneapolis and Saint Paul, Minnesota, Metropolitan Airports | |||||||
Commission, Airport Revenue Bonds, AMT, Series B, | ||||||||
5.50%, 1/01/10 (g) | 2,620 | 2,689,168 | ||||||
Minnesota State, GO, 5%, 8/01/11 | 3,675 | 3,952,683 | ||||||
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6,641,851 | ||||||||
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Nebraska - 0.8% | Central Plains Energy Project, Nebraska, Revenue Bonds | |||||||
(Gas Project Number 1), VRDN, 3.908%, 12/01/10 (b) | 2,500 | 2,381,250 | ||||||
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Nevada - 5.1% | Clark County, Nevada, Airport System Subordinate Lien Revenue | |||||||
Bonds, AMT, Series B-1, 5%, 7/01/08 | 6,500 | 6,537,245 | ||||||
Clark County, Nevada, EDR (Alexander Dawson School of Nevada | ||||||||
Project), 5.50%, 5/15/09 (d) | 7,500 | 7,882,950 | ||||||
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14,420,195 | ||||||||
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New Jersey - 3.7% | New Jersey Building Authority, State Building Revenue Refunding | |||||||
Bonds, Series B, 5.25%, 12/15/10 (c) | 4,790 | 5,120,414 | ||||||
New Jersey State Turnpike Authority, Turnpike Revenue Refunding | ||||||||
Bonds, Series A, 5.75%, 1/01/10 (d)(e) | 5,000 | 5,299,350 | ||||||
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10,419,764 | ||||||||
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New Mexico - 2.0% | New Mexico State, Severance Tax Bonds, Series A, 5%, 7/01/08 (e) | 5,685 | 5,729,229 | |||||
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New York - 6.2% | Metropolitan Transportation Authority, New York, Dedicated Tax Fund | |||||||
Revenue Bonds, Series A, 5.875%, 4/01/10 (d)(g) | 5,000 | 5,350,500 | ||||||
New York City, New York, GO, Refunding, Series B, 5.25%, 8/01/11 | 4,000 | 4,283,560 | ||||||
New York State Urban Development Corporation, Personal Income Tax | ||||||||
Revenue Bonds, Series C, 5%, 3/15/10 | 7,705 | 8,090,789 | ||||||
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17,724,849 | ||||||||
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North Carolina - 1.5% | Mecklenburg County, North Carolina, GO, Series B, 4%, 2/01/10 | 3,000 | 3,094,590 | |||||
North Carolina, HFA, M/F Housing Revenue Bonds (Cedar Hills | ||||||||
Apartments LLC), VRDN, AMT, 3.70%, 1/01/38 (b) | 1,240 | 1,241,897 | ||||||
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4,336,487 | ||||||||
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Ohio - 3.0% | Ohio State Building Authority, State Facilities Revenue Bonds | |||||||
(Administrative Building Fund Projects), Series A, | ||||||||
5.375%, 10/01/08 (d) | 4,400 | 4,523,112 | ||||||
Ohio State, Common Schools, GO, Series A, 5%, 3/15/11 | 3,875 | 4,133,773 | ||||||
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8,656,885 | ||||||||
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Pennsylvania - 6.1% | Bethlehem, Pennsylvania, Area School District, GO, Refunding, Series | |||||||
A, 5%, 9/01/10 (e) | 4,000 | 4,210,200 | ||||||
Bucks County, Pennsylvania, IDA, Solid Waste Revenue Bonds (Waste | ||||||||
Management, Inc. Project), VRDN, AMT, 3.90%, 2/01/10 (b) | 2,670 | 2,647,359 | ||||||
Pennsylvania State, GO, Refunding, Third Series, 5%, 7/01/09 | 5,000 | 5,172,150 | ||||||
University of Pittsburgh, Pennsylvania, The Commonwealth System of | ||||||||
Higher Education, Revenue Refunding Bonds (Pittsburgh Asset Notes- | ||||||||
Panthers), 5%, 8/01/10 | 5,000 | 5,273,650 | ||||||
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17,303,359 | ||||||||
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2
BlackRock Municipal Bond Fund, Inc. - BlackRock Short-Term Municipal Fund
Schedule of Investments as of March 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
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Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
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Rhode Island - 0.4% | Rhode Island State and Providence Plantations, GO, Refunding | |||||||
(Consolidated Capital Development Loan ), 5%, 7/15/11 | $ 1,000 | $ 1,072,140 | ||||||
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South Carolina - 3.2% | Aiken County, South Carolina, Consolidated School District, GO, | |||||||
Refunding, 5%, 3/01/09 | 4,590 | 4,724,717 | ||||||
Hilton Head Island, South Carolina, Public Facility Corporation, COP | ||||||||
(Beach Preservation Fee Pledge), 5%, 8/01/08 (e) | 2,160 | 2,182,421 | ||||||
Hilton Head Island, South Carolina, Public Facility Corporation, COP | ||||||||
(Beach Preservation Fee Pledge), 5%, 8/01/09 (e) | 2,240 | 2,320,192 | ||||||
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9,227,330 | ||||||||
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Tennessee - 1.4% | Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series | |||||||
A, 5%, 9/01/09 | 4,000 | 4,055,160 | ||||||
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Texas - 16.3% | Austin, Texas, Independent School District, GO, Refunding, | |||||||
5.25%, 8/01/09 | 3,980 | 4,139,200 | ||||||
Harris County, Texas, Toll Road Revenue Refunding Bonds, | ||||||||
VRDN, Series B-2, 5%, 8/15/21 (b)(g) | 5,000 | 5,155,750 | ||||||
Matagorda County, Texas, Navigation District Number 1, PCR, | ||||||||
Refunding (AEP Texas Central Company Project), VRDN, 5.125%, | ||||||||
6/01/11 (b) | 5,000 | 4,985,650 | ||||||
Montgomery County, Texas, Unlimited Tax Adjustable Rate Road, GO, | ||||||||
VRDN, Series B, 5%, 3/01/28 (a)(b) | 2,200 | 2,226,730 | ||||||
North Texas Thruway Authority, Dallas North Thruway System, | ||||||||
Revenue Refunding Bonds, VRDN, Series B, 5%, 1/01/38 (b)(c) | 2,790 | 2,805,624 | ||||||
North Texas Tollway Authority, System Revenue Refunding Bonds, | ||||||||
First Tier, VRDN, Series E-1, 5%, 1/01/10 (b) | 7,000 | 7,110,810 | ||||||
San Antonio, Texas, Electric and Gas Revenue Bonds, Junior Lien, | ||||||||
VRDN, 3.625%, 12/01/27 (b) | 5,000 | 5,085,300 | ||||||
Tarrant County, Texas, Cultural Education Facilities Financing | ||||||||
Corporation, Revenue Refunding Bonds (Texas Health Resources), | ||||||||
Series A, 5%, 2/15/11 | 4,275 | 4,497,001 | ||||||
Texas State, GO, TRAN, 4.50%, 8/28/08 | 5,000 | 5,055,250 | ||||||
University of Texas, Financing System Revenue Refunding Bonds, | ||||||||
Series B, 5%, 8/15/10 | 5,000 | 5,293,750 | ||||||
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46,355,065 | ||||||||
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Virginia - 1.8% | Virginia State Public School Authority, School Financing Revenue | |||||||
Bonds, Series B, 5%, 8/01/08 (d) | 4,885 | 4,986,315 | ||||||
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Washington - 4.7% | Energy Northwest, Washington, Electric Revenue Refunding Bonds | |||||||
(Columbia Generating Station), Series A, 5.25%, 7/01/09 (c) | 9,940 | 10,277,761 | ||||||
Tacoma, Washington, Electric System Revenue Refunding Bonds, | ||||||||
Series A, 5.625%, 1/01/11 (a)(d) | 2,900 | 3,163,929 | ||||||
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13,441,690 | ||||||||
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Wisconsin - 2.6% | Wisconsin Public Power Inc., Power Supply System, Revenue | |||||||
Refunding Bonds, Series A, 5.25%, 7/01/10 (e) | 7,070 | 7,451,214 | ||||||
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Total Municipal Bonds | ||||||||
(Cost - $276,289,312) - 98.3% | 280,042,024 | |||||||
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3
BlackRock Municipal Bond Fund, Inc. - BlackRock Short-Term Municipal Fund
Schedule of Investments as of March 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
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Short-Term Securities | Shares | Value | ||||
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Merrill Lynch Institutional Tax-Exempt Fund, 2.16% (h)(i) | 3,500,000 | $ 3,500,000 | ||||
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Total Short-Term Securities | ||||||
(Cost - $3,500,000) - 1.2% | 3,500,000 | |||||
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Total Investments (Cost - $279,789,312*) - 99.5% | 283,542,024 | |||||
Other Assets Less Liabilities - 0.5% | 1,507,709 | |||||
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Net Assets - 100.0% | $ 285,049,733 | |||||
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* The cost and unrealized appreciation (depreciation) of investments as of March 31, 2008, as computed for federal income tax purposes, were as follows:
Aggregate cost | $ 279,789,312 | |
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Gross unrealized appreciation | $ 3,934,975 | |
Gross unrealized depreciation | (182,263) | |
Net unrealized appreciation | $ 3,752,712 | |
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(a) | FSA Insured. |
(b) | Variable rate security. Rate shown is interest rate as of report date. |
(c) | AMBAC Insured. |
(d) | Prerefunded. |
(e) | MBIA Insured. |
(f) | CIFG Insured. |
(g) | FGIC Insured. |
(h) | Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
Net | Dividend | |||||
Affiliate | Activity | Income | ||||
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Merrill Lynch Institutional Tax-Exempt Fund | 3,493,397 | $ 332,125 | ||||
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(i) | Represents the current yield as of report date. |
4
Item 2 Controls and Procedures 2(a) The registrants principal executive and principal financial officers or persons performing similar functions have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended. 2(b) There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. Item 3 Exhibits Certifications Attached hereto Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BlackRock Municipal Bond Fund, Inc. By: /s/ Donald C. Burke Donald C. Burke Chief Executive Officer (principal executive officer) of BlackRock Municipal Bond Fund, Inc. Date: May 22, 2008 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Donald C. Burke Donald C. Burke Chief Executive Officer (principal executive officer) of BlackRock Municipal Bond Fund, Inc. Date: May 22, 2008 By: /s/ Neal J. Andrews Neal J. Andrews Chief Financial Officer (principal financial officer) of BlackRock Municipal Bond Fund, Inc. Date: May 22, 2008 |
EX-99. CERT CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Donald C. Burke, Chief Executive Officer (principal executive officer) of BlackRock Municipal Bond Fund, Inc., certify that: 1. I have reviewed this report on Form N-Q of BlackRock Municipal Bond Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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; c) evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d) disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and 5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. Date: May 22, 2008 /s/ Donald C. Burke Donald C. Burke Chief Executive Officer (principal executive officer) of BlackRock Municipal Bond Fund, Inc. |
EX-99. CERT CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Municipal Bond Fund, Inc., certify that: 1. I have reviewed this report on Form N-Q of BlackRock Municipal Bond Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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; c) evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d) disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and 5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. Date: May 22, 2008 /s/ Neal J. Andrews Neal J. Andrews Chief Financial Officer (principal financial officer) of BlackRock Municipal Bond Fund, Inc. |