Buscaino said, "8,700 lane miles from Los Angeles to New York, from New York and almost back to Los Angeles. That's a third of our streets are in failed condition."
The bond measure would cost Los Angeles residents $35 per $100,000 of property per year. Buscaino hopes to fix all the streets in 10 years.
The goal is to get it on the November 2014 ballot.
However, Los Angeles voters rejected Measure A, a half-cent sales tax for increased public safety, apparently a sign that voters felt they are being taxed too much.
"This is a $3 billion project, a $3 billion problem," Buscaino said. "We don't have the funds in the General Fund to fix this problem."
Buscaino said the pothole problem becomes twice as expensive to fix for every 10 years of inaction.
"The question is, are people willing to pitch in to fix this problem across the city?" Buscaino said.
Buscaino and another councilman, Mitchell Englander, are holding a series of public meetings to discuss the issue. The first one was held Wednesday at City Hall.