| 1 | 1 | | HOUSE OF REPRESENTATIVES H.B. NO. 1506 THIRTY-SECOND LEGISLATURE, 2023 H.D. 1 STATE OF HAWAII A BILL FOR AN ACT RELATING TO THE EMPLOYEES' RETIREMENT SYSTEM OF THE STATE OF HAWAII. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII: |
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| 3 | 3 | | HOUSE OF REPRESENTATIVES H.B. NO. 1506 |
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| 4 | 4 | | THIRTY-SECOND LEGISLATURE, 2023 H.D. 1 |
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| 5 | 5 | | STATE OF HAWAII |
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| 7 | 7 | | HOUSE OF REPRESENTATIVES |
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| 9 | 9 | | H.B. NO. |
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| 11 | 11 | | 1506 |
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| 13 | 13 | | THIRTY-SECOND LEGISLATURE, 2023 |
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| 15 | 15 | | H.D. 1 |
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| 17 | 17 | | STATE OF HAWAII |
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| 31 | 31 | | A BILL FOR AN ACT |
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| 37 | 37 | | RELATING TO THE EMPLOYEES' RETIREMENT SYSTEM OF THE STATE OF HAWAII. |
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| 43 | 43 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII: |
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| 47 | 47 | | SECTION 1. The legislature finds that Act 260, Session Laws of Hawaii 2007 (Act 260), encouraged the employees' retirement system to invest in Hawaii venture capital by requiring the employees' retirement system to report annually to the legislature on any Hawaii venture capital investments and, if the system's board of trustees determines it is not prudent to invest in any Hawaii venture capital, to report the rationale for the decision. Further, Act 260 required the employees' retirement system to develop criteria to determine the amount of funds that may be prudently invested in Hawaii private placement investments. The legislature further finds that the employees' retirement system created the Hawaii targeted investment program (HiTIP) to fulfill the mandate of Act 260. Criteria and investment guidelines for HiTIP were developed and approved by the employees' retirement system board of trustees and codified in section E of its investment policy, most recently amended in June 2021. According to the policy: (1) The purpose of HiTIP is to produce competitive risk-adjusted investment returns for the employees' retirement system by making investments in emerging growth and growth-oriented businesses in traded sector industries, with specific emphasis on Hawaii. HiTIP's mission is not economic development, but economic development may be one significant byproduct of the investment program; (2) HiTIP funds will be invested only through external general partners or managers or co-investments; and (3) General partners or managers will be fully discretionary, meaning that after funds are allocated to the limited partnership or limited liability company, they are totally responsible for the investment of these funds within their respective investment guidelines. HiTIP is a distinct component of the employees' retirement system private equity portfolio. The legislature also finds that since the inception of the program, $117,000,000 has been committed, which included reviewing more than two thousand investment opportunities with over one thousand two hundred being Hawaii-based companies. The employees' retirement system is following more than four hundred of those companies for possible future investments. The legislature further finds that the employees' retirement system produced investment returns that have outperformed standard benchmarks in the long run. This performance has been instrumental in helping to reduce the employees' retirement system's large $13,504,942,967 unfunded actuarial accrued liability as of June 30, 2022. The purpose of this Act is to encourage investment opportunities in industries that will sustain Hawaii's natural environment or produce economic opportunities for its residents, including renewable energy businesses and businesses that use the investment capital to acquire the infrastructure and services needed to become energy sustainable, by: (1) Encouraging the employees' retirement system to consider opportunities in industries that will sustain Hawaii's natural environment or produce economic opportunities for its residents, including renewable energy businesses and businesses that use the investment capital to acquire the infrastructure and services needed to become energy sustainable, in evaluating venture capital investments; provided that if the board determines that it is not prudent to invest in any Hawaii venture capital meeting this description, the board shall report the rationale for the decision in its annual report to the legislature; and (2) Appropriating funds for the employees' retirement system. SECTION 2. Section 88-119, Hawaii Revised Statutes, is amended to read as follows: "§88-119 Investments. The purpose of investments shall be the exclusive benefit of the members and their beneficiaries. Investments may be made in: (1) Real estate loans and mortgages. Obligations (as defined in section 431:6-101) of any of the following classes: (A) Obligations secured by mortgages of nonprofit corporations desiring to build multirental units (ten units or more) subject to control of the government for occupancy by families displaced as a result of government action; (B) Obligations secured by mortgages insured by the Federal Housing Administration; (C) Obligations for the repayment of home loans made under the Servicemen's Readjustment Act of 1944 or under Title II of the National Housing Act; (D) Other obligations secured by first mortgages on unencumbered improved real estate owned in fee simple; provided that the amount of the obligation at the time investment is made therein shall not exceed eighty per cent of the value of the real estate and improvements mortgaged to secure it, and except that the amount of the obligation at the time investment is made therein may exceed eighty per cent but no more than ninety per cent of the value of the real estate and improvements mortgaged to secure it; provided further that the obligation is insured or guaranteed against default or loss under a mortgage insurance policy issued by a casualty insurance company licensed to do business in the State. The coverage provided by the insurer shall be sufficient to reduce the system's exposure to not more than eighty per cent of the value of the real estate and improvements mortgaged to secure it. The insurance coverage shall remain in force until the principal amount of the obligation is reduced to eighty per cent of the market value of the real estate and improvements mortgaged to secure it, at which time the coverage shall be subject to cancellation solely at the option of the board. Real estate shall not be deemed to be encumbered within the meaning of this subparagraph by reason of the existence of any of the restrictions, charges, or claims described in section 431:6-308; (E) Other obligations secured by first mortgages of leasehold interests in improved real estate; provided that: (i) Each leasehold interest at the time shall have a current term extending at least two years beyond the stated maturity of the obligation it secures; and (ii) The amount of the obligation at the time investment is made therein shall not exceed eighty per cent of the value of the respective leasehold interest and improvements, and except that the amount of the obligation at the time investment is made therein may exceed eighty per cent but no more than ninety per cent of the value of the leasehold interest and improvements mortgaged to secure it; provided further that the obligation is insured or guaranteed against default or loss under a mortgage insurance policy issued by a casualty insurance company licensed to do business in the State. The coverage provided by the insurer shall be sufficient to reduce the system's exposure to not more than eighty per cent of the value of the leasehold interest and improvements mortgaged to secure it. The insurance coverage shall remain in force until the principal amount of the obligation is reduced to eighty per cent of the market value of the leasehold interest and improvements mortgaged to secure it, at which time the coverage shall be subject to cancellation solely at the option of the board; (F) Obligations for the repayment of home loans guaranteed by the department of Hawaiian home lands pursuant to section 214(b) of the Hawaiian Homes Commission Act, 1920; and (G) Obligations secured by second mortgages on improved real estate for which the mortgagor procures a second mortgage on the improved real estate for the purpose of acquiring the leaseholder's fee simple interest in the improved real estate; provided that any prior mortgage shall not contain provisions that might jeopardize the security position of the retirement system or the borrower's ability to repay the mortgage loan. The board may retain or dispose of the real estate, including leasehold interests therein, as it may acquire by foreclosure of mortgages or in enforcement of security, or as may be conveyed to it in satisfaction of debts previously contracted in the same manner as other investments in interest in real property authorized by this section; (2) Government obligations, etc. Obligations of any of the following classes: (A) Obligations issued or guaranteed as to principal and interest by the United States or by any state thereof or by any municipal or political subdivision or school district of any of the foregoing; provided that principal of and interest on the obligations are payable in currency of the United States; or sovereign debt instruments issued by agencies of, or guaranteed by foreign governments; (B) Revenue bonds, whether or not permitted by any other provision hereof, of the State or any municipal or political subdivision thereof, including the board of water supply of the city and county of Honolulu, and street or improvement district bonds of any district or project in the State; and (C) Obligations issued or guaranteed by any federal home loan bank, including consolidated federal home loan bank obligations, the Home Owner's Loan Corporation, the Federal National Mortgage Association, or the Small Business Administration; (3) Corporate obligations. Below investment grade or nonrated debt instruments, foreign or domestic, in accordance with investment guidelines adopted by the board; (4) Preferred and common stocks. Shares of preferred or common stock of any corporation created or existing under the laws of the United States or of any state or district thereof or of any country; (5) Obligations eligible by law for purchase in the open market by federal reserve banks; (6) Obligations issued or guaranteed by the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, or the African Development Bank; (7) Obligations secured by collateral consisting of any of the securities or stock listed above and worth at the time the investment is made at least fifteen per cent more than the amount of the respective obligations; (8) Insurance company obligations. Contracts and agreements supplemental thereto providing for participation in one or more accounts of a life insurance company authorized to do business in Hawaii, including its separate accounts, and whether the investments allocated thereto are comprised of stocks or other securities or of real or personal property or interests therein; (9) Interests in real property. Interests in improved or productive real property in which, in the informed opinion of the board, it is prudent to invest funds of the system. For purposes of this paragraph, "real property" includes any property treated as real property either by local law or for federal income tax purposes. Investments in improved or productive real property may be made directly or through pooled funds, including common or collective trust funds of banks and trust companies[,]; group or unit trusts[,]; limited partnerships[,]; limited liability companies[,]; investment trusts[,]; title-holding corporations recognized under section 501(c) of the Internal Revenue Code of 1986, as amended[,]; similar entities that would protect the system's interest[,]; and other pooled funds invested on behalf of the system by investment managers retained by the system; (10) Other securities and futures contracts. Securities and futures contracts in which in the informed opinion of the board, it is prudent to invest funds of the system, including currency, interest rate, bond, and stock index futures contracts and options on the contracts to hedge against anticipated changes in currencies, interest rates, and bond and stock prices that might otherwise have an adverse effect upon the value of the system's securities portfolios; covered put and call options on securities; and stock; whether or not the securities, stock, futures contracts, or options on futures are expressly authorized by or qualify under the foregoing paragraphs, and notwithstanding any limitation of any of the foregoing paragraphs (including paragraph (4)); and (11) Private placements. Investments in institutional blind pool limited partnerships, limited liability companies, or direct investments that make private debt and equity investments in privately held companies, including but not limited to investments in Hawaii high technology businesses or venture capital investments that, in the informed opinion of the board, are appropriate to invest funds of the system. In evaluating venture capital investments, the board shall consider the benefits to the members and their beneficiaries but may also consider, among other things, the impact an investment may have on job creation in Hawaii and on the state economy[.] and opportunities in industries that will sustain Hawaii's natural environment or produce economic opportunities for its residents, including renewable energy businesses and businesses that use the investment capital to acquire the infrastructure and services needed to become energy sustainable. The board shall report annually to the legislature on any Hawaii venture capital investments it has made; provided that if the board determines it is not prudent to invest in any Hawaii venture capital investments or in industries that will sustain Hawaii's natural environment or produce economic opportunities for its residents, including renewable energy businesses and businesses that use the investment capital to acquire the infrastructure and services needed to become energy sustainable, the board shall report the rationale for the decision. The board, by January 1, 2008, shall develop criteria to determine the amount of funds that may be prudently invested in Hawaii private placement investments." SECTION 3. There is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2023-2024 to be invested by the employees' retirement system; provided that the employees' retirement system shall give due consideration to investing such moneys in the Hawaii targeted investment program. The sum appropriated shall be expended by the employees' retirement system for the purposes of this Act. SECTION 4. This Act shall take effect on June 30, 3000; provided that section 2 of this Act shall not take effect until the moneys appropriated in section 3 of this Act have been released to the employees' retirement system. |
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| 48 | 48 | | |
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| 49 | 49 | | SECTION 1. The legislature finds that Act 260, Session Laws of Hawaii 2007 (Act 260), encouraged the employees' retirement system to invest in Hawaii venture capital by requiring the employees' retirement system to report annually to the legislature on any Hawaii venture capital investments and, if the system's board of trustees determines it is not prudent to invest in any Hawaii venture capital, to report the rationale for the decision. Further, Act 260 required the employees' retirement system to develop criteria to determine the amount of funds that may be prudently invested in Hawaii private placement investments. |
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| 50 | 50 | | |
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| 51 | 51 | | The legislature further finds that the employees' retirement system created the Hawaii targeted investment program (HiTIP) to fulfill the mandate of Act 260. Criteria and investment guidelines for HiTIP were developed and approved by the employees' retirement system board of trustees and codified in section E of its investment policy, most recently amended in June 2021. According to the policy: |
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| 52 | 52 | | |
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| 53 | 53 | | (1) The purpose of HiTIP is to produce competitive risk-adjusted investment returns for the employees' retirement system by making investments in emerging growth and growth-oriented businesses in traded sector industries, with specific emphasis on Hawaii. HiTIP's mission is not economic development, but economic development may be one significant byproduct of the investment program; |
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| 54 | 54 | | |
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| 55 | 55 | | (2) HiTIP funds will be invested only through external general partners or managers or co-investments; and |
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| 56 | 56 | | |
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| 57 | 57 | | (3) General partners or managers will be fully discretionary, meaning that after funds are allocated to the limited partnership or limited liability company, they are totally responsible for the investment of these funds within their respective investment guidelines. |
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| 58 | 58 | | |
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| 59 | 59 | | HiTIP is a distinct component of the employees' retirement system private equity portfolio. |
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| 60 | 60 | | |
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| 61 | 61 | | The legislature also finds that since the inception of the program, $117,000,000 has been committed, which included reviewing more than two thousand investment opportunities with over one thousand two hundred being Hawaii-based companies. The employees' retirement system is following more than four hundred of those companies for possible future investments. |
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| 62 | 62 | | |
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| 63 | 63 | | The legislature further finds that the employees' retirement system produced investment returns that have outperformed standard benchmarks in the long run. This performance has been instrumental in helping to reduce the employees' retirement system's large $13,504,942,967 unfunded actuarial accrued liability as of June 30, 2022. |
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| 64 | 64 | | |
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| 65 | 65 | | The purpose of this Act is to encourage investment opportunities in industries that will sustain Hawaii's natural environment or produce economic opportunities for its residents, including renewable energy businesses and businesses that use the investment capital to acquire the infrastructure and services needed to become energy sustainable, by: |
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| 66 | 66 | | |
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| 67 | 67 | | (1) Encouraging the employees' retirement system to consider opportunities in industries that will sustain Hawaii's natural environment or produce economic opportunities for its residents, including renewable energy businesses and businesses that use the investment capital to acquire the infrastructure and services needed to become energy sustainable, in evaluating venture capital investments; provided that if the board determines that it is not prudent to invest in any Hawaii venture capital meeting this description, the board shall report the rationale for the decision in its annual report to the legislature; and |
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| 68 | 68 | | |
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| 69 | 69 | | (2) Appropriating funds for the employees' retirement system. |
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| 70 | 70 | | |
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| 71 | 71 | | SECTION 2. Section 88-119, Hawaii Revised Statutes, is amended to read as follows: |
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| 72 | 72 | | |
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| 73 | 73 | | "§88-119 Investments. The purpose of investments shall be the exclusive benefit of the members and their beneficiaries. Investments may be made in: |
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| 74 | 74 | | |
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| 75 | 75 | | (1) Real estate loans and mortgages. Obligations (as defined in section 431:6-101) of any of the following classes: |
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| 76 | 76 | | |
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| 77 | 77 | | (A) Obligations secured by mortgages of nonprofit corporations desiring to build multirental units (ten units or more) subject to control of the government for occupancy by families displaced as a result of government action; |
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| 78 | 78 | | |
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| 79 | 79 | | (B) Obligations secured by mortgages insured by the Federal Housing Administration; |
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| 80 | 80 | | |
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| 81 | 81 | | (C) Obligations for the repayment of home loans made under the Servicemen's Readjustment Act of 1944 or under Title II of the National Housing Act; |
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| 82 | 82 | | |
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| 83 | 83 | | (D) Other obligations secured by first mortgages on unencumbered improved real estate owned in fee simple; provided that the amount of the obligation at the time investment is made therein shall not exceed eighty per cent of the value of the real estate and improvements mortgaged to secure it, and except that the amount of the obligation at the time investment is made therein may exceed eighty per cent but no more than ninety per cent of the value of the real estate and improvements mortgaged to secure it; provided further that the obligation is insured or guaranteed against default or loss under a mortgage insurance policy issued by a casualty insurance company licensed to do business in the State. The coverage provided by the insurer shall be sufficient to reduce the system's exposure to not more than eighty per cent of the value of the real estate and improvements mortgaged to secure it. The insurance coverage shall remain in force until the principal amount of the obligation is reduced to eighty per cent of the market value of the real estate and improvements mortgaged to secure it, at which time the coverage shall be subject to cancellation solely at the option of the board. Real estate shall not be deemed to be encumbered within the meaning of this subparagraph by reason of the existence of any of the restrictions, charges, or claims described in section 431:6-308; |
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| 84 | 84 | | |
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| 85 | 85 | | (E) Other obligations secured by first mortgages of leasehold interests in improved real estate; provided that: |
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| 86 | 86 | | |
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| 87 | 87 | | (i) Each leasehold interest at the time shall have a current term extending at least two years beyond the stated maturity of the obligation it secures; and |
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| 88 | 88 | | |
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| 89 | 89 | | (ii) The amount of the obligation at the time investment is made therein shall not exceed eighty per cent of the value of the respective leasehold interest and improvements, and except that the amount of the obligation at the time investment is made therein may exceed eighty per cent but no more than ninety per cent of the value of the leasehold interest and improvements mortgaged to secure it; |
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| 90 | 90 | | |
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| 91 | 91 | | provided further that the obligation is insured or guaranteed against default or loss under a mortgage insurance policy issued by a casualty insurance company licensed to do business in the State. The coverage provided by the insurer shall be sufficient to reduce the system's exposure to not more than eighty per cent of the value of the leasehold interest and improvements mortgaged to secure it. The insurance coverage shall remain in force until the principal amount of the obligation is reduced to eighty per cent of the market value of the leasehold interest and improvements mortgaged to secure it, at which time the coverage shall be subject to cancellation solely at the option of the board; |
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| 92 | 92 | | |
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| 93 | 93 | | (F) Obligations for the repayment of home loans guaranteed by the department of Hawaiian home lands pursuant to section 214(b) of the Hawaiian Homes Commission Act, 1920; and |
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| 94 | 94 | | |
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| 95 | 95 | | (G) Obligations secured by second mortgages on improved real estate for which the mortgagor procures a second mortgage on the improved real estate for the purpose of acquiring the leaseholder's fee simple interest in the improved real estate; provided that any prior mortgage shall not contain provisions that might jeopardize the security position of the retirement system or the borrower's ability to repay the mortgage loan. |
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| 96 | 96 | | |
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| 97 | 97 | | The board may retain or dispose of the real estate, including leasehold interests therein, as it may acquire by foreclosure of mortgages or in enforcement of security, or as may be conveyed to it in satisfaction of debts previously contracted in the same manner as other investments in interest in real property authorized by this section; |
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| 98 | 98 | | |
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| 99 | 99 | | (2) Government obligations, etc. Obligations of any of the following classes: |
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| 100 | 100 | | |
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| 101 | 101 | | (A) Obligations issued or guaranteed as to principal and interest by the United States or by any state thereof or by any municipal or political subdivision or school district of any of the foregoing; provided that principal of and interest on the obligations are payable in currency of the United States; or sovereign debt instruments issued by agencies of, or guaranteed by foreign governments; |
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| 102 | 102 | | |
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| 103 | 103 | | (B) Revenue bonds, whether or not permitted by any other provision hereof, of the State or any municipal or political subdivision thereof, including the board of water supply of the city and county of Honolulu, and street or improvement district bonds of any district or project in the State; and |
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| 104 | 104 | | |
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| 105 | 105 | | (C) Obligations issued or guaranteed by any federal home loan bank, including consolidated federal home loan bank obligations, the Home Owner's Loan Corporation, the Federal National Mortgage Association, or the Small Business Administration; |
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| 106 | 106 | | |
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| 107 | 107 | | (3) Corporate obligations. Below investment grade or nonrated debt instruments, foreign or domestic, in accordance with investment guidelines adopted by the board; |
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| 108 | 108 | | |
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| 109 | 109 | | (4) Preferred and common stocks. Shares of preferred or common stock of any corporation created or existing under the laws of the United States or of any state or district thereof or of any country; |
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| 110 | 110 | | |
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| 111 | 111 | | (5) Obligations eligible by law for purchase in the open market by federal reserve banks; |
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| 112 | 112 | | |
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| 113 | 113 | | (6) Obligations issued or guaranteed by the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, or the African Development Bank; |
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| 114 | 114 | | |
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| 115 | 115 | | (7) Obligations secured by collateral consisting of any of the securities or stock listed above and worth at the time the investment is made at least fifteen per cent more than the amount of the respective obligations; |
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| 116 | 116 | | |
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| 117 | 117 | | (8) Insurance company obligations. Contracts and agreements supplemental thereto providing for participation in one or more accounts of a life insurance company authorized to do business in Hawaii, including its separate accounts, and whether the investments allocated thereto are comprised of stocks or other securities or of real or personal property or interests therein; |
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| 118 | 118 | | |
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| 119 | 119 | | (9) Interests in real property. Interests in improved or productive real property in which, in the informed opinion of the board, it is prudent to invest funds of the system. For purposes of this paragraph, "real property" includes any property treated as real property either by local law or for federal income tax purposes. Investments in improved or productive real property may be made directly or through pooled funds, including common or collective trust funds of banks and trust companies[,]; group or unit trusts[,]; limited partnerships[,]; limited liability companies[,]; investment trusts[,]; title-holding corporations recognized under section 501(c) of the Internal Revenue Code of 1986, as amended[,]; similar entities that would protect the system's interest[,]; and other pooled funds invested on behalf of the system by investment managers retained by the system; |
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| 120 | 120 | | |
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| 121 | 121 | | (10) Other securities and futures contracts. Securities and futures contracts in which in the informed opinion of the board, it is prudent to invest funds of the system, including currency, interest rate, bond, and stock index futures contracts and options on the contracts to hedge against anticipated changes in currencies, interest rates, and bond and stock prices that might otherwise have an adverse effect upon the value of the system's securities portfolios; covered put and call options on securities; and stock; whether or not the securities, stock, futures contracts, or options on futures are expressly authorized by or qualify under the foregoing paragraphs, and notwithstanding any limitation of any of the foregoing paragraphs (including paragraph (4)); and |
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| 122 | 122 | | |
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| 123 | 123 | | (11) Private placements. Investments in institutional blind pool limited partnerships, limited liability companies, or direct investments that make private debt and equity investments in privately held companies, including but not limited to investments in Hawaii high technology businesses or venture capital investments that, in the informed opinion of the board, are appropriate to invest funds of the system. In evaluating venture capital investments, the board shall consider the benefits to the members and their beneficiaries but may also consider, among other things, the impact an investment may have on job creation in Hawaii and on the state economy[.] and opportunities in industries that will sustain Hawaii's natural environment or produce economic opportunities for its residents, including renewable energy businesses and businesses that use the investment capital to acquire the infrastructure and services needed to become energy sustainable. The board shall report annually to the legislature on any Hawaii venture capital investments it has made; provided that if the board determines it is not prudent to invest in any Hawaii venture capital investments or in industries that will sustain Hawaii's natural environment or produce economic opportunities for its residents, including renewable energy businesses and businesses that use the investment capital to acquire the infrastructure and services needed to become energy sustainable, the board shall report the rationale for the decision. The board, by January 1, 2008, shall develop criteria to determine the amount of funds that may be prudently invested in Hawaii private placement investments." |
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| 124 | 124 | | |
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| 125 | 125 | | SECTION 3. There is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2023-2024 to be invested by the employees' retirement system; provided that the employees' retirement system shall give due consideration to investing such moneys in the Hawaii targeted investment program. |
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| 126 | 126 | | |
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| 127 | 127 | | The sum appropriated shall be expended by the employees' retirement system for the purposes of this Act. |
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| 128 | 128 | | |
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| 129 | 129 | | SECTION 4. This Act shall take effect on June 30, 3000; provided that section 2 of this Act shall not take effect until the moneys appropriated in section 3 of this Act have been released to the employees' retirement system. |
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| 130 | 130 | | |
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| 131 | 131 | | |
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| 132 | 132 | | |
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| 133 | 133 | | Report Title: Employees' Retirement System; HiTIP; Investments; Report; Appropriation Description: Encourages the employees' retirement system, in evaluating venture capital investments, to consider opportunities in industries that will sustain Hawaii's natural environment or produce economic opportunities for its residents, including renewable energy businesses and businesses that use the investment capital to acquire the infrastructure and services needed to become energy sustainable. If the employees' retirement system board of trustees determines that it is not prudent to invest in any Hawaii venture capital meeting this description, requires the board to report the rationale for the decision in its annual report to the legislature. Appropriates funds. Effective 6/30/3000. (HD1) The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent. |
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| 135 | 135 | | |
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| 136 | 136 | | |
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| 137 | 137 | | |
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| 138 | 138 | | |
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| 139 | 139 | | Report Title: |
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| 140 | 140 | | |
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| 141 | 141 | | Employees' Retirement System; HiTIP; Investments; Report; Appropriation |
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| 142 | 142 | | |
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| 143 | 143 | | |
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| 144 | 144 | | |
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| 145 | 145 | | Description: |
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| 146 | 146 | | |
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| 147 | 147 | | Encourages the employees' retirement system, in evaluating venture capital investments, to consider opportunities in industries that will sustain Hawaii's natural environment or produce economic opportunities for its residents, including renewable energy businesses and businesses that use the investment capital to acquire the infrastructure and services needed to become energy sustainable. If the employees' retirement system board of trustees determines that it is not prudent to invest in any Hawaii venture capital meeting this description, requires the board to report the rationale for the decision in its annual report to the legislature. Appropriates funds. Effective 6/30/3000. (HD1) |
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| 148 | 148 | | |
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| 149 | 149 | | |
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| 150 | 150 | | |
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| 151 | 151 | | |
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| 152 | 152 | | |
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| 153 | 153 | | |
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| 154 | 154 | | |
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| 155 | 155 | | The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent. |
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