The court decision in the case of "Alma v. Dupree," finding the Arkansas School Finance System unconstitutional, ordered the State of Arkansas to establish a valid school finance system. Subsequently, the State's General Assembly created a 15-member commission to develop a plan for implementing an adequate and equitable school finance system. This report constitutes a summary of the decisions made by the committee. It consists of several major sections that cover the background of the commission, the considerations involved in the development of the new formula, the plan itself, proposed treatment of related issues, a summary of commission recommendations, legislative proposals, and commission responses to 49 findings of fact in the case. Among proposed equalization measures are a staffing allowance for each district that employs teachers or counselors who hold master's degrees, and a facility allowance for payment of principal and interest on commercial bonds. Approximately half of the document is composed of appendixes including a table of the estimated wealth for each county, estimated accreditation costs for all school districts, the annual fiscal report analysis of the school districts, and other related items. (MLF)