Exhibit 12(e)

PURCHASE AGREEMENT

The BlackRock Municipal Bond Fund, Inc. (the “Registrant”), a Maryland corporation, on behalf of its series BlackRock Impact Municipal Fund (the “Fund”) and BlackRock Financial Management, Inc. (the “Purchaser”), a Delaware corporation, hereby agree as follows:

1.    The Registrant hereby offers the Purchaser and the Purchaser hereby purchases 1 share of each of the Investor A, Institutional and Class K Share Classes shares of the Fund (the “Shares”) for $10 per Share. The Registrant hereby acknowledges receipt from the Purchaser of funds in full payment for the foregoing Shares.

2.    The Purchaser represents and warrants to the Registrant that the foregoing Shares are being acquired for investment purposes and not with a view to the distribution thereof.

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IN AGREEMENT WHEREOF, and intending to be legally bound hereby, the parties hereto have executed this Purchase Agreement as of the 7^th day of March, 2022.

BLACKROCK MUNICIPAL BOND FUND, INC., on behalf of BlackRock Impact Municipal Fund
By:	/s/ John M. Perlowski
	Name: John M. Perlowski
	Title: President and Chief Executive Officer
BLACKROCK FINANCIAL MANAGEMENT, INC.
By:	/s/ Janey Ahn
	Name: Janey Ahn
	Title: Managing Director

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