This paper examines the concepts of adequacy and stability as found in educational finance and Oregon reform efforts and legislation, with particular attention to analysis of the adequacy and stability of funding for safety net districts. The first part examines definitions of adequacy and stability from the perspectives of (1) educational finance researchers in recent literature, and (2) Oregon policymakers, as manifested in school finance reform reports and legislation. The second part synthesizes the various perspectives on adequacy and stability and proposes a hierarchy of educational goals and appropriate funding mechanisms for consideration by policymakers. An extensive bibliography is included, and a summary of the report of the Governor's Commission on School Funding Reform is appended, along with the 1989-91 targeted taxpayer equity program. (TE)