HOUSE OF REPRESENTATIVES             H.R. NO.80            
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
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                     HOUSE  RESOLUTION

  REQUESTING THE BOARD OF TRUSTEES OF THE OFFICE OF HAWAIIAN
    AFFAIRS AND THE BOARD OF TRUSTEES OF THE EMPLOYEES'
    RETIREMENT SYSTEM TO EXAMINE THE FEASIBILITY OF JOINTLY
    PURCHASING A LAS VEGAS CASINO.


 1        WHEREAS, the Office of Hawaiian Affairs has brought suit
 2   against the State for a settlement of back revenues owed by the
 3   State for twenty per cent of revenues generated on ceded lands;
 4   and
 5   
 6        WHEREAS, the amount of this settlement may range from a
 7   reported $300,000,000 to $1,200,000,000; and
 8   
 9        WHEREAS, the issue of revenues derived from operations on
10   ceded lands has been a long-running and consistently elusive
11   problem, exacerbated by the decade-long downturn of Hawaii's
12   economy, promising no fair solution in the foreseeable future;
13   and
14   
15        WHEREAS, under chapter 88, Hawaii Revised Statutes, the
16   Board of Trustees of the Employees' Retirement System of the
17   State of Hawaii is entrusted to make investments to keep the
18   Employees' Retirement System solvent; and
19   
20        WHEREAS, there has been criticism in the past that the
21   Employees' Retirement System has not been adequately funded;
22   and
23   
24        WHEREAS, Hawaii residents have always been, and will
25   continue to be, patrons of gaming where it is legal and have
26   shown a dominating proclivity to patronize the casinos in the
27   city of Las Vegas; and
28   
29        WHEREAS, it does not appear that gaming will become legal
30   in Hawaii and Hawaii residents will continue to spend enormous
31   amounts of their money outside the State; now, therefore,
32   
33        BE IT RESOLVED by the House of Representatives of the
34   Twentieth Legislature of the State of Hawaii, Regular Session
35   of 1999, that the Board of Trustees of the Office of Hawaiian
36   Affairs and the Board of Trustees of the Employees' Retirement
37   System are requested to examine the feasibility of jointly

 
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                                  H.R. NO.80            
                                                        
                                                        

 
 1   purchasing and operating a Las Vegas casino in order to
 2   alleviate the issue of state-owed revenues to the Office of
 3   Hawaiian Affairs and to enhance the funding of the Employees'
 4   Retirement System; and
 5   
 6        BE IT FURTHER RESOLVED that the Board of Trustees of the
 7   Office of Hawaiian Affairs and the Board of Trustees of the
 8   Employees' Retirement System are requested to report their
 9   findings and recommendations, including any necessary proposed
10   legislation, to the Legislature no later than twenty days prior
11   to the convening of the Regular Session of 2000; and
12   
13        BE IT FURTHER RESOLVED that certified copies of this
14   Resolution be transmitted to the Board of Trustees of the
15   Office of Hawaiian Affairs and the Board of Trustees of the
16   Employees' Retirement System.
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21                         OFFERED BY:  ____________________________