Exhibit 1(b)

                     MERRILL LYNCH MUNICIPAL BOND FUND, INC.

                              ARTICLES OF AMENDMENT

      MERRILL LYNCH MUNICIPAL BOND FUND, INC., a Maryland corporation having
its principal office c/o The Corporation Trust Incorporated, First Maryland
Building, 25 South Charles Street, Baltimore, Maryland 21201 (hereinafter called
the Corporation), hereby certifies to the State Department of Assessments and
Taxation of Maryland, that:

      FIRST: The charter of the Corporation is hereby amended by striking out
Article II or the Articles of Incorporation and inserting in lieu thereof the
following:

                                   ARTICLE II

                                      NAME

      The name of the Corporation is

            ONE LIBERTY MUNICIPAL BOND FUND, INC.

      SECOND: The amendment to the charter of the Corporation herein made was
duly approved by vote of a majority of the entire board of directors at a
meeting duly convened and held on October 4, 1976; and that at the time of the
approval by the directors there were no shares of stock of the Corporation
entitled to vote on the matter either outstanding or subscribed for.



      IN WITNESS WHEREOF, Merrill Lynch Municipal Bond Fund, Inc. has caused
these articles to be signed in its name and on its behalf by its President and
attested by its Secretary on October 4, 1976.

                                MERRILL LYNCH MUNICIPAL BOND FUND, INC.



                                      By   /s/ Charles H. Ross, Jr.
                                        ------------------------------------
                                           Charles H. Ross, Jr., President

Attest:

      /s/ Stephen M. M. Miller
-----------------------------------------
      Stephen M. M. Miller, Secretary

      THE UNDERSIGNED, President of MERRILL LYNCH MUNICIPAL BOND FUND, INC.,
who executed on behalf of said corporation the foregoing Articles of Amendment,
of which this certificate is made a part, hereby acknowledges, in the name and
on behalf of said corporation, the foregoing Articles of Amendment to be the
corporate act of said corporation and further certifies that, to the best of his
knowledge, information and belief, the matters and facts set forth therein with
respect to the approval thereof are true in all material respects, under the
penalties of perjury.

                                      By   /s/ Charles H. Ross, Jr.
                                        ------------------------------------
                                           Charles H. Ross, Jr., President


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