As noted, there have been five possible options for rail funding presented to Legislative leaders to solve this issue. I think a sixth one should be put on the table. This option will finally put the onus of paying for this project right on the people that it affects - the members of the City and County of Honolulu, and keeps the neighbor islands out of the weeds. To boot, it would also take the Legislature out of the business of dealing with this problem. 
The solution? Eliminate the laws that limit the sources of income for the Counties. Give the counties full authority to tax all sources. Then we won't have this kabuki theater of the Counties going to the legislature and doing the "mommy may I" performance while the Legislators try to wring their hands of the issues the counties create for themselves - like rail. 
Time to put the responsibility of fixing this problem on the right people - The City Council and not the State Legislature.