BNY BlackRock NY Municipal Income Trust

The Boards of Directors/Trustees of the BlackRock Closed-End Funds listed below announced today dividend dates and distribution rates for both June and July, 2005. Details are as follows: -0- *T Municipal Closed-End Funds - June Distribution Rates ---------------------------------------------------- Dates: Declaration - 6/01/05 Ex-Date - 6/13/05 Record Date - 6/15/05 Payable Date - 7/01/05 Rates: Change From Trust Ticker Dividend Prior Month The BlackRock Investment Quality Municipal Trust, Inc. BKN $0.076189 - The BlackRock Strategic Municipal Trust BSD $0.079585 - BlackRock Municipal Income Trust BFK $0.081125 - BlackRock Municipal Bond Trust BBK $0.086375 - BlackRock Municipal Income Trust II BLE $0.083750 - BlackRock Insured Municipal Income Trust BYM $0.078125 - The BlackRock Municipal Target Term Trust, Inc. BMN $0.040000 - The BlackRock Insured Municipal 2008 Term Trust, Inc. BRM $0.066250 - The BlackRock Insured Municipal Term Trust, Inc. BMT $0.047917 - BlackRock Municipal 2018 Term Trust BPK $0.065000 - BlackRock Municipal 2020 Term Trust BKK $0.078125 - The BlackRock California Investment Quality Municipal Trust, Inc. RAA $0.070600 - BlackRock California Municipal Income Trust BFZ $0.076074 - BlackRock California Municipal Bond Trust BZA $0.079656 - BlackRock California Municipal Income Trust II BCL $0.081250 - BlackRock California Insured Municipal Income Trust BCK $0.075000 - The BlackRock California Insured Municipal 2008 Term Trust, Inc. BFC $0.064375 - BlackRock California Municipal 2018 Term Trust BJZ $0.061250 - The BlackRock Florida Investment Quality Municipal Trust RFA $0.070781 - BlackRock Florida Municipal 2020 Term Trust BFO $0.067500 - BlackRock Florida Municipal Income Trust BBF $0.075375 - BlackRock Florida Municipal Bond Trust BIE $0.077808 - BlackRock Florida Insured Municipal Income Trust BAF $0.075000 - The BlackRock Florida Insured Municipal 2008 Term Trust BRF $0.062500 - BlackRock Maryland Municipal Bond Trust BZM $0.071350 - The BlackRock New Jersey Investment Quality Municipal Income Trust RNJ $0.067148 - BlackRock New Jersey Municipal Income Trust BNJ $0.075108 - BlackRock New Jersey Municipal Bond Trust BLJ $0.078582 - The BlackRock New York Investment Quality Municipal Trust, Inc. RNY $0.073125 - BlackRock New York Municipal Income Trust BNY $0.075339 - BlackRock New York Municipal Bond Trust BQH $0.077099 - BlackRock New York Municipal Income Trust II* BFY $0.075000 - BlackRock New York Insured Municipal Income Trust BSE $0.075000 - The BlackRock New York Insured Municipal 2008 Term Trust, Inc. BLN $0.062500 - BlackRock New York 2018 Municipal Term Trust BLH $0.061250 - The BlackRock Pennsylvania Strategic Municipal Trust BPS $0.073965 - BlackRock Virginia Municipal Bond Trust BHV $0.072428 - Municipal Closed-End Funds - July distribution rates ---------------------------------------------------- Please note the following funds have dividend increases: BlackRock Strategic Municipal Trust, BlackRock Investment Quality Municipal Trust, BlackRock New Jersey Investment Quality Municipal Income Trust, BlackRock Pennsylvania Strategic Municipal Trust, BlackRock New Jersey Municipal Income Trust, BlackRock Municipal Income Trust and BlackRock Municipal 2018 Term Trust. The following funds have dividend decreases: BlackRock New York Municipal Income Trust II, BlackRock California Municipal Income Trust II, BlackRock Municipal Target Term Trust, BlackRock Florida Municipal 2020 Term Trust and BlackRock Municipal 2020 Term Trust. Dates: Declaration - 6/1/05 Ex-Date - 7/13/05 Record Date - 7/15/05 Payable Date - 8/01/05 Rates: Change From Trust Ticker Dividend Prior Month The BlackRock Investment Quality Municipal Trust, Inc. BKN $0.088250 $0.012061 The BlackRock Strategic Municipal Trust BSD $0.091625 $0.012040 BlackRock Municipal Income Trust BFK $0.082625 $0.001500 BlackRock Municipal Bond Trust BBK $0.086375 - BlackRock Municipal Income Trust II BLE $0.083750 - BlackRock Insured Municipal Income Trust BYM $0.078125 - The BlackRock Municipal Target Term Trust, Inc. BMN $0.031125 ($0.008875) The BlackRock Insured Municipal 2008 Term Trust, Inc. BRM $0.066250 - The BlackRock Insured Municipal Term Trust, Inc. BMT $0.047917 - BlackRock Municipal 2018 Term Trust BPK $0.075500 $0.010500 BlackRock Municipal 2020 Term Trust BKK $0.066250 ($0.011875) The BlackRock California Investment Quality Municipal Trust, Inc. RAA $0.070600 - BlackRock California Municipal Income Trust BFZ $0.076074 - BlackRock California Municipal Bond Trust BZA $0.079656 - BlackRock California Municipal Income Trust II BCL $0.065500 ($0.015750) BlackRock California Insured Municipal Income Trust BCK $0.075000 - The BlackRock California Insured Municipal 2008 Term Trust, Inc. BFC $0.064375 - BlackRock California Municipal 2018 Term Trust BJZ $0.061250 - The BlackRock Florida Investment Quality Municipal Trust RFA $0.070781 - BlackRock Florida Municipal 2020 Term Trust BFO $0.055625 ($0.011875) BlackRock Florida Municipal Income Trust BBF $0.075375 - BlackRock Florida Municipal Bond Trust BIE $0.077808 - BlackRock Florida Insured Municipal Income Trust BAF $0.075000 - The BlackRock Florida Insured Municipal 2008 Term Trust BRF $0.062500 - BlackRock Maryland Municipal Bond Trust BZM $0.071350 - The BlackRock New Jersey Investment Quality Municipal Income Trust RNJ $0.070125 $0.002977 BlackRock New Jersey Municipal Income Trust BNJ $0.079625 $0.004517 BlackRock New Jersey Municipal Bond Trust BLJ $0.078582 - The BlackRock New York Investment Quality Municipal Trust, Inc. RNY $0.073125 - BlackRock New York Municipal Income Trust BNY $0.075339 - BlackRock New York Municipal Bond Trust BQH $0.077099 - BlackRock New York Municipal Income Trust II BFY $0.059250 ($0.015750) BlackRock New York Insured Municipal Income Trust BSE $0.075000 - The BlackRock New York Insured Municipal 2008 Term Trust, Inc. BLN $0.062500 - BlackRock New York 2018 Municipal Term Trust BLH $0.061250 - The BlackRock Pennsylvania Strategic Municipal Trust BPS $0.075500 $0.001535 BlackRock Virginia Municipal Bond Trust BHV $0.072428 - *T About BlackRock BlackRock is one of the largest publicly traded investment management firms in the United States with approximately $391 billion of assets under management at March 31, 2005. BlackRock manages assets on behalf of institutional and individual investors worldwide through a variety of equity, fixed income, liquidity and alternative investment products. In addition, BlackRock provides risk management, investment system outsourcing and financial advisory services to a growing number of institutional investors. Clients are served from the Company's headquarters in New York City, as well as offices in Boston, Edinburgh, Hong Kong, Morristown, San Francisco, Singapore, Sydney, Tokyo and Wilmington. BlackRock is majority owned by The PNC Financial Services Group, Inc. (NYSE: PNC) and by BlackRock employees. For additional information, please visit the Company's website at www.blackrock.com. Forward-Looking Statements This press release, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock's future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "potential," \"opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" or similar expressions. BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. In addition to factors previously disclosed in BlackRock's Securities and Exchange Commission (SEC) reports and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management; (3) the relative and absolute investment performance of BlackRock's advised or sponsored investment products and separately managed accounts; (4) the impact of increased competition; (5) the impact of capital improvement projects; (6) the impact of future acquisitions or divestitures; (7) the unfavorable resolution of legal proceedings; (8) the extent and timing of any share repurchases; (9) the impact, extent and timing of technological changes and the adequacy of intellectual property protection; (10) the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to BlackRock or PNC; (11) terrorist activities and international hostilities, which may adversely affect the general economy, financial and capital markets, specific industries, and BlackRock; (12) the ability to attract and retain highly talented professionals; (13) fluctuations in foreign currency exchange rates, which may adversely affect the value of advisory fees earned by BlackRock; (14) the impact of changes to tax legislation and, generally, the tax position of the Company; and (15) the integration of the business of SSRM Holdings, Inc. into the business of BlackRock. BlackRock's Annual Report on Form 10-K for the year ended December 31, 2004 and BlackRock's subsequent reports filed with the SEC, accessible on the SEC's website at http://www.sec.gov and on BlackRock's website at http://www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements.