This paper describes the development of school finance reform in Oregon from 1968 through legislative enactments in 1973 and proposals for the voters in 1974. The first section describes the 1973 school finance reform proposal, rejected by voters, as it was originally submitted (whereby the State would have assumed 95 percent of the operating costs of the local schools in Oregon.) The proposal's provisions for raising State and local school revenue and tax relief, its effect on selected school districts, and its legal implications are examined. A supplementary paper describes the three phases of State school finance reform legislation approved in 1973. The first phase provides for adjustments in both personal and corporate taxes and in property tax relief. A proposed constitutional amendment to provide for structural changes in school district financing constitutes phase two. The third phase represents a legislative proposal that, if passed by the voters, will provide for changes in the personal and corporate tax rates to provide for 50 percent State support of public elementary and secondary education. This portion of the presentation also describes the impact of the proposed legislation on selected school districts and compares the new laws and proposals with previous reform attempts. (Author/DN)