As GFOA has been informing members for over the past two years, LIBOR will end as the typical reference rate in many financial contracts at the end of the month.
The LIBOR rate is often used in municipal swaps, municipal bond transactions, bank loans, and in other financial contracts such as purchasing-cards. Governments should talk with their financing team, which may include bond counsel, municipal advisors, and contact counterparties, to make sure that LIBOR has been substituted with an appropriate new rate. For many transactions that will be SOFR. Inaction could cause outstanding contracts to have to use the fallback rate referenced in the contract, which could be disadvantageous to governments and issuers of municipal bonds.
More information can be found at GFOA's LIBOR Resource Center.