<DOCUMENT>
<TYPE>EX-99.(E)
<SEQUENCE>4
<FILENAME>file003.txt
<DESCRIPTION>DIVIDEND REINVESTMENT PLAN
<TEXT>
<PAGE>


                     BLACKROCK VIRGINIA MUNICIPAL BOND TRUST

                      AUTOMATIC DIVIDEND REINVESTMENT PLAN

                              TERMS AND CONDITIONS

     Pursuant to this Automatic Dividend Reinvestment Plan (the "Plan") of
BlackRock Virginia Municipal Bond Trust (the "Trust"), unless a holder (each, a
"Shareholder") of the Trust's common shares of beneficial interest (the "Common
Shares") otherwise elects, all dividends and distributions on such Shareholder's
Common Shares will be automatically reinvested by Equiserve Trust Company, N.A.
("Equiserve"), as agent for Shareholders in administering the Plan (the "Plan
Agent"), in additional Common Shares of the Trust. Shareholders who elect not to
participate in the Plan will receive all dividends and other distributions in
cash paid by check mailed directly to the Shareholder of record (or, if the
Common Shares are held in street or other nominee name, then to such nominee) by
Equiserve as the Dividend Disbursing Agent. Participants may elect not to
participate in the Plan and to receive all dividends and distributions in cash
by sending written instructions to Equiserve, as the Dividend Disbursing Agent,
at the address set forth below. Participation in the Plan is completely
voluntary and may be terminated or resumed at any time without penalty by
written notice if received by the Plan Agent not less than ten days prior to any
dividend or distribution payment date; otherwise such termination or resumption
will be effective with respect to any subsequently declared dividend or
distribution.

     The Plan Agent will open an account for each Shareholder under the Plan in
the same name in which such Shareholder's Common Shares are registered. Whenever
the Trust declares a dividend or a distribution (collectively referred to as
"dividends") payable in cash, non-participants in the Plan will receive cash and
participants in the Plan will receive the equivalent in Common Shares. The
Common Shares will be acquired by the Plan Agent for the participants' accounts,
depending upon the circumstances described below, either (i) through receipt of
additional unissued but authorized Common Shares from the Trust ("newly issued
Common Shares") or (ii) by purchase of outstanding Common Shares on the open
market

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("open-market purchases") on the New York Stock Exchange, the primary national
securities exchange on which the common shares are traded, or elsewhere.

     If, on the payment date for any dividend, the market price per Common Share
plus estimated brokerage commissions is equal to or greater than the net asset
value per Common Share (such condition being referred to herein as "market
premium"), the Plan Agent will invest the dividend amount in newly issued Common
Shares, including fractions, on behalf of the participants. The number of newly
issued Common Shares to be credited to each participant's account will be
determined by dividing the dollar amount of the dividend by the net asset value
per Common Share on the payment date; provided that, if the net asset value per
Common Share is less than or equal to 95% of the market price per Common Share
on the payment date, the dollar amount of the dividend will be divided by 95% of
the market price per Common Share on the payment date.

     If, on the payment date for any dividend, the net asset value per Common
Share is greater than the market value per Common Share plus estimated brokerage
commissions (such condition being referred to herein as "market discount"), the
Plan Agent will invest the dividend amount in Common Shares acquired on behalf
of the participants in open-market purchases.

     In the event of a market discount on the payment date for any dividend, the
Plan Agent will have until the last business day before the next date on which
the Common Shares trade on an "ex-dividend" basis or 30 days after the payment
date for such dividend, whichever is sooner (the "last purchase date"), to
invest the dividend amount in Common Shares acquired in open-market purchases.
It is contemplated that the Trust will pay monthly dividends. Therefore, the
period during which open-market purchases can be made will exist only from the
payment date of each dividend through the date before the next "ex-dividend"
date which typically will be approximately ten days. If, before the Plan Agent
has completed its open-market purchases, the market price of a Common Share
exceeds the net asset value per Common Share, the average per Common Share
purchase price paid by the Plan Agent may exceed the net asset value of the
Common Shares, resulting in the acquisition of fewer Common Shares than if the
dividend had been paid in newly issued Common Shares on the dividend payment
date. Because of the foregoing difficulty with respect to open market purchases,
if the Plan Agent is unable to invest the full dividend amount in open market
purchases during the purchase period or if the market discount shifts to a
market premium during the purchase period, the Plan Agent may cease making
open-market purchases and may invest the uninvested portion of the dividend
amount in newly issued Common Shares at the net asset

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value per Common Share at the close of business on the last purchase date;
provided that, if the net asset value per Common Share is less than or equal to
95% of the then current market price per Common Share, the dollar amount of the
dividend will be divided by 95% of the market price per Common Share on the
payment date.

     The Plan Agent will maintain all Shareholders' accounts in the Plan and
furnish written confirmation of all transactions in the accounts, including
information needed by Shareholders for tax records. Common Shares in the account
of each Plan participant will be held by the Plan Agent on behalf of the Plan
participant.

     In the case of Shareholders such as banks, brokers or nominees that hold
Common Shares for others who are the beneficial owners, the Plan Agent will
administer the Plan on the basis of the number of Common Shares certified from
time to time by the record Shareholder and held for the account of beneficial
owners who participate in the Plan.

     There will be no brokerage charges with respect to Common Shares issued
directly by the Trust as a result of dividends or capital gains distributions
payable either in Common Shares or in cash. However, each participant will pay a
pro rata share of brokerage commissions incurred with respect to the Plan
Agent's open-market purchases in connection with the reinvestment of dividends.

     For the avoidance of doubt, no Common Shares will be issued under the Plan
at a price less than net asset value or under any circumstance that may violate
the Investment Company Act of 1940, as amended, or any rules issued thereunder.

VOTING

     Each Shareholder proxy will include those Common Shares purchased or
received pursuant to the Plan. The Plan Agent will forward all proxy
solicitation materials to participants and vote proxies for Common Shares held
pursuant to the Plan in accordance with the instructions of the participants.

TAXATION

     The automatic reinvestment of dividends will not relieve participants of
any federal, state or local income tax that may be payable (or required to be
withheld) on such dividends.


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<PAGE>

AMENDMENT OF THE PLAN

     The Plan may be amended or terminated by the Trust. There is no direct
service charge to participants in the Plan; however, the Trust reserves the
right to amend the Plan to include a service charge payable by the participants.
Notice will be sent to Plan participants of any amendments as soon as
practicable after such action by the Trust.

INQUIRIES REGARDING THE PLAN

     All correspondence concerning the Plan should be directed to the Plan Agent
at 150 Royall Street, Canton, MA 02021, 781-575-2149.

APPLICABLE LAW

     These terms and conditions shall be governed by the laws of the State of
New York without regard to its conflicts of laws provisions.

EXECUTION

     To record the adoption of the Plan as of April 19, 2002, the Trust has
caused this Plan to be executed in the name and on behalf of the Trust by a duly
authorized officer.




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<PAGE>


                                            BLACKROCK VIRGINIA
                                            MUNICIPAL BOND TRUST,
                                            a Delaware business trust

                                            /s/ Anne Ackerley
                                            -----------------------------------
                                            By:  Anne Ackerley
                                            Title: Secretary




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