Does refunding create additional debt?

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No, refunding is like refinancing a home from a higher interest rate to a lower interest rate.  At Fort Worth ISD, the refundings have saved millions of dollars.  The debt payments of Fort Worth ISD are independent of any TRE funding.  For example, in a household, if an individual’s income increases, the amount they may pay on a fixed mortgage does not change because of increased income. The TRE impacts a revenue source and does not affect fixed debt payments.