Under the plan described in this report--a so-called "Equal Yield" formula contained in Senate Bill No. 110--each district will have an equal opportunity to realize the same amount of revenue per pupil from each unit or "mill" of local tax levied in combined State and local funds. The publication examines in detail several key aspects of the Michigan school finance reform story, such as what was wrong with the former Strayer-Haig concept, what developments led to the selection of the Equal Yield plan, how the Equal Yield plan works, how it passed into law, and how well the new plan will satisfy previous court rulings on educational inequality. Numerous tables of statistical data are included in the appendixes. (Author/DN)