The City currently has $1.1 billion in debt (as of 9/30/13). The City's total debt service is $1.5 billion. The total debt service includes the combined principal and interest).
The $1.1 billion total, however, includes debt from various Enterprise Fund, not just the General Fund. The Airport, Water, Storm Water, Solid Waste, and Lubbock Power and Light are examples of Enterprise Funds. Enterprise Fund debts are paid for by fees charged by those funds, not money collected through the tax rate.
For example, the Water Fund makes up 35% ($534,044,370) of the $1.5 billion total debt service. This debt is paid for by money collected through water bills. The Wastewater Fund contains nearly 15% ($227,492,751) of the City’s total debt service and is paid for by wastewater fees.
The City’s current General Fund debt, which is paid by money collected through the tax rate, is 11.92% ($182,130,329) of the City’s total debt service. Debt added by a successfully passed bond would be added to the General Fund debt total and paid for by money collected through the tax rate.
Here is the entire breakdown of the City's outstanding bond debt service. You can also view this information in text form by clicking on the link (Outstanding Bond Debt Service