Full Text of HR0966 99th General Assembly
HR0966 99TH GENERAL ASSEMBLY |
| | HR0966 | | LRB099 16745 MST 41084 r |
|
| 1 | | HOUSE RESOLUTION
| 2 | | WHEREAS, The members of the Illinois House of | 3 | | Representatives wish to congratulate the Farm Credit System on | 4 | | the occasion of the 100th anniversary of its founding; and
| 5 | | WHEREAS, The Farm Credit System was established by the | 6 | | United States Congress through the Federal Farm
Loan Act of | 7 | | 1916, signed into law on July 17, 1916 by President Woodrow | 8 | | Wilson, making 2016
the centennial anniversary of the founding | 9 | | of the cooperatively owned and operated Farm Credit
System; and
| 10 | | WHEREAS, Recognizing that a prosperous, productive | 11 | | agricultural sector is essential to a free
nation, Congress | 12 | | declared through the Farm Credit Act of 1971, as amended, that | 13 | | the Farm
Credit System be designed as a permanent means to | 14 | | support the well-being and prosperity of
America's rural | 15 | | communities and agricultural producers of all types and sizes; | 16 | | and
| 17 | | WHEREAS, Congress designed the Farm Credit System as a | 18 | | network of cooperatives,
independently owned and controlled by | 19 | | its borrowers, responsive to their individual needs for
credit | 20 | | and financial services and continually adapting to meet the | 21 | | changing needs of rural
communities and agriculture; and |
| | | HR0966 | - 2 - | LRB099 16745 MST 41084 r |
|
| 1 | | WHEREAS, The Farm Credit System today plays a vital role in | 2 | | the success of U.S. agriculture
and the economic vibrancy of | 3 | | rural communities throughout all 50 states and Puerto Rico,
| 4 | | providing more than $210 billion in loans to more than 500,000 | 5 | | customers; and | 6 | | WHEREAS, Congress has provided for the appropriate safety | 7 | | and soundness oversight of the
Farm Credit System through the | 8 | | Farm Credit Administration, an independent federal agency,
| 9 | | whose operating costs are funded by the System and for the | 10 | | protection of investors in System
bonds through the Farm Credit | 11 | | System Insurance Corporation funded by premiums paid by the
| 12 | | Farm Credit System; and
| 13 | | WHEREAS, The 2 Farm Credit Associations, which serve the | 14 | | State of Illinois - Farm Credit
Illinois and 1st Farm Credit | 15 | | Services - collectively serve 22,000 farm families, rural | 16 | | landowners,
and agribusinesses with more than $8 billion of | 17 | | agricultural financing and 3,000,000 acres of
crop insurance | 18 | | coverage; and
| 19 | | WHEREAS, The Farm Credit System actively supports the next | 20 | | generation of agricultural
producers by annually providing | 21 | | billions of dollars in loans to young and beginning farmers and
| 22 | | ranchers and through its ongoing financial support for | 23 | | organizations like 4-H and Future Farmers of America; |
| | | HR0966 | - 3 - | LRB099 16745 MST 41084 r |
|
| 1 | | therefore, be it
| 2 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | 3 | | NINETY-NINTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we | 4 | | honor the centennial
anniversary of the founding of the | 5 | | cooperatively owned and operated Farm Credit System and that
we | 6 | | commend the cooperative owners and the employees of the Farm | 7 | | Credit System for their
continuing service in meeting the | 8 | | credit and financial-services needs of rural communities and
| 9 | | agriculture and we express our confidence and support for the | 10 | | Farm Credit System continuing its mission of providing | 11 | | reliable, consistent credit to the farm families of Illinois, | 12 | | agricultural industry, and rural communities of Illinois into | 13 | | the future; and be it further
| 14 | | RESOLVED, That a suitable copy of this resolution be | 15 | | presented to Farm Credit Illinois and 1st Farm Credit Services | 16 | | as a symbol of our esteem and respect.
|
|