This paper introduces a morpholexical rule-and-feature based model of the Spanish verbal system based in form on Stephen Anderson's a-morphous extended-word-and-paradigm model of morphology. Although based in form on Anderson's generative model, rules in the present model are not seen as generative processes operating outside the lexicon as in Anderson's model. Rules and representations are considered as one and the same, as in Bybee's analogical model of morphology as lexical organization. The proposed model thus reconciles a rule-based approach with an analogical, exemplar-based approach to morphology. The rules in the model describe the transformation of a stem into a fully inflected word form. These word formation rules are linked to the semantic and grammatical features that are associated with the word represented by the given rule. For all three Spanish verb classes (a-class, e-class, i-class), and for all categorical/regular verbs, the proposed basic model is capable of producing all forms of the Present Indicative, Present Subjunctive, Imperfect Indicative, and Imperfect Subjunctive.