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Relating to providing a new teacher and administrator salary schedule with increments for the school year 1969-1970, and for the school year 1970-1971, and establishing a public school compensation plan or schedule for the school years 1971-1972 and thereafter; providing not to exceed 190 teacher service days per year; providing a position description for pay grades included in the compensation schedule; providing for an increase in salary base effective in 1974-1975 and providing for another such increase in 1978-79; granting authority to the Central Education Agency to develop policies for administration of salary schedules and position descriptions; providing an increasing operating cost allotment, providing that an operating cost allotment shall also be allotted for vocational teachers; increasing the total base costs for each bus; providing a new method of calculating the Local Fund Assignment for each local school district and prescribing a formula limiting the amount by which the Local Fund Assignment shall increase for any own district from one year to the next; providing for re-evaluation of value in taxable property for the purposes of this Act; providing for distribution and administration of funds.