If interest rates rise, would the Penny Swap provide less funds to pay for the debt?

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No, all of the existing debt is already fixed. Fort Worth ISD has no floating or adjustable debt.  All payments are fixed at the time of bond sales. The actual amount of debt is set and does not change regardless of a Penny Swap. Tax ratification elections are intended to result in increased revenue; they do not affect the debt structure in any way.