If the Penny Swap passes, is FWISD shifting the money from paying on bonds to day-to-day operations

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No. Tax collections received would be moved from the Debt-Service Fund (I&S) to the General Fund (M&O). The increased M&O Tax Rate will generate more local and state revenue for the daily operations of the District.  The bond principal and interest payments will not change as a result of the TRE.  Because of increased taxable property values, the reduced Debt Service Tax Rate (I&S) will yield the funds required to pay the annual debt principal and interest payments. 

It’s important to note:

If the Penny Swap passes, Fort Worth ISD should receive more than $23M in additional funding each year. If the Penny Swap does not pass, Fort Worth ISD will not receive additional local or state funding. The amount of principal and interest debt payment will not change if a TRE passes or fails.