New Jerseyans are concerned about plans to "monetize" our toll roads, as reflected in polls, letters to the editor and the anti-privatization resolutions passed by 15 towns and four counties. Last week, the governor tried to reassure everyone by committing to monetization principles. While New Jerseyans can relax a little, the governor didn't go far enough for the public to let its guard down.

The governor's promise had eight parts: 1) no sale or lease of our roads to a private company; 2) proceeds will be spent only on debt and capital projects, with unspecified "safeguards" against spending the money on other things; 3) a general assurance that New Jersey will make money both initially and from ongoing operations; 4) no worsening of safety, maintenance and operation standards; 5) sufficient funds for capital transportation projects; 6) preservation of current labor policies; 7) public and predictable toll schedules; and 8) public meetings in each county be fore a deal happens.

The good news: the governor's principles mean that the Indiana and Chicago debacles won't happen here. With very little public discussion, those places sold their toll roads to profit-driven private operators for far less than they are worth. In contrast, Gov. Corzine's principles reject privatization and commit to some public process.

The governor's rejection of privatization is particularly important. Our toll roads are the most valuable in the country and private investors are particularly eager to buy them. With our nearly worst-in-the-nation financial situation, the pressure to accept privatization's short-term payoff could be hard for officials to resist. The governor's move is particularly heartening given that many worried that our Wall-Street-Titan-turned-governor would be too receptive to investors' overtures. His commitment to public ownership sends a powerful, positive message that will reverberate nationally.

The bad news: the governor's principles are not enough. For New Jerseyans to have confidence in where he's headed, the governor needs to make the more substantial commitments that NJPIRG (New Jersey Public Interest Research Group) has sought for months: public control, not just public ownership; fair value, not just lots of money; full transparency and accountability, not just town meetings.

These additional assurances are critical because history shows that the monetization of state assets can deliver less than promised. The last time New Jersey created a public company to monetize a long-term asset was the tobacco settlement securitization. The state received only 44 cents on the dollar and spent the money without solving our financial crisis. Will a public Turnpike deal be a similar financial boondoggle?

The governor's principles wouldn't stop it. The closest the principles get to promising fair value for our roads is: "New Jersey citizens will retain ... the benefits from both initial proceeds and ongoing operations." That doesn't en sure that the total payments to the state will be close to the value of our tolls. Another principle suggests there will be protections against wasting the deal proceeds. But without specifics, it's not clear how -- or if -- the protections would work.

Just as the public tobacco settlement "monetization" failed to deliver fair value or long-term financial benefit, the infamous Schools Construction Corporation (SCC) showed how a public corporation can be opaque and unaccountable. A 2005 investigation by the Office of the Inspector General found the "SCC ... suffers from a wide range of internal weaknesses that ... make the agency vulnerable to mismanagement, fiscal malfeasance, conflicts of interest and waste, fraud and abuse of taxpayer dollars." To date, the SCC has spent $8.6 billion without getting its job done or being held accountable.

In light of the tobacco settlement monetization and the SCC, Gov. Corzine's promise that New Jersey will protect the public by retaining ownership of our roads is insufficient. Public control is what's needed. The public must have input into transportation policy and a way to hold post-monetization decision-makers accountable.

Consider toll policy. The governor's principles declare that toll schedules will be "open, predictable and available to the public." That's important but doesn't indicate who will make the toll decisions. Tolls are more than a cost-of- living issue; they affect our quality of life by shaping how many drivers divert to local roads, use E-ZPass, carpool, take mass transit or shift commuting times. Setting toll rates to maximize revenue probably won't maximize our quality of life. So what input will the public have, and who can it hold accountable for final decisions?

Until a deal is finalized, the governor's commitments to public process for pursuing a deal are paramount. His principles promise "substantial, open and public discussion" with meetings in each county. That's better than what transpired in Indiana and the recently aborted process in Pennsylvania, but it's not enough. Where are the promises to disclose the deal's details before the meetings and to respond to what the public says?

For informed comment, the governor must release the plan's details, including any promises made to investors, well in advance of the town meetings. Disclosure should be complete, in writing and available on the Web.

To ensure that the public is heard, NJPIRG calls on the Legislature to hold an "up or down" vote on a proposed deal's final terms, just as Congress ratifies or rejects trade deals the president negotiates. Legislators who must defend their vote will listen closely to the public. Needing legislators' votes, the governor will listen, too.

In short, while the governor's principles constitute progress, New Jerseyans need much more. Better than Indiana and Chicago isn't the same as good for New Jersey.

Abigail Caplovitz Field is the legislative advocate for NJPIRG.

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