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1
HOUSE RESOLUTION

 
2    WHEREAS, The members of the Illinois House of
3Representatives wish to congratulate the Farm Credit System on
4the occasion of the 100th anniversary of its founding; and
 
5    WHEREAS, The Farm Credit System was established by the
6United States Congress through the Federal Farm Loan Act of
71916, signed into law on July 17, 1916 by President Woodrow
8Wilson, making 2016 the centennial anniversary of the founding
9of the cooperatively owned and operated Farm Credit System; and
 
10    WHEREAS, Recognizing that a prosperous, productive
11agricultural sector is essential to a free nation, Congress
12declared through the Farm Credit Act of 1971, as amended, that
13the Farm Credit System be designed as a permanent means to
14support the well-being and prosperity of America's rural
15communities and agricultural producers of all types and sizes;
16and
 
17    WHEREAS, Congress designed the Farm Credit System as a
18network of cooperatives, independently owned and controlled by
19its borrowers, responsive to their individual needs for credit
20and financial services and continually adapting to meet the
21changing needs of rural communities and agriculture; and
 

 

 

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1    WHEREAS, The Farm Credit System today plays a vital role in
2the success of U.S. agriculture and the economic vibrancy of
3rural communities throughout all 50 states and Puerto Rico,
4providing more than $210 billion in loans to more than 500,000
5customers; and
 
6    WHEREAS, Congress has provided for the appropriate safety
7and soundness oversight of the Farm Credit System through the
8Farm Credit Administration, an independent federal agency,
9whose operating costs are funded by the System and for the
10protection of investors in System bonds through the Farm Credit
11System Insurance Corporation funded by premiums paid by the
12Farm Credit System; and
 
13    WHEREAS, The 2 Farm Credit Associations, which serve the
14State of Illinois - Farm Credit Illinois and 1st Farm Credit
15Services - collectively serve 22,000 farm families, rural
16landowners, and agribusinesses with more than $8 billion of
17agricultural financing and 3,000,000 acres of crop insurance
18coverage; and
 
19    WHEREAS, The Farm Credit System actively supports the next
20generation of agricultural producers by annually providing
21billions of dollars in loans to young and beginning farmers and
22ranchers and through its ongoing financial support for
23organizations like 4-H and Future Farmers of America;

 

 

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1therefore, be it
 
2    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
3NINETY-NINTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we
4honor the centennial anniversary of the founding of the
5cooperatively owned and operated Farm Credit System and that we
6commend the cooperative owners and the employees of the Farm
7Credit System for their continuing service in meeting the
8credit and financial-services needs of rural communities and
9agriculture and we express our confidence and support for the
10Farm Credit System continuing its mission of providing
11reliable, consistent credit to the farm families of Illinois,
12agricultural industry, and rural communities of Illinois into
13the future; and be it further
 
14    RESOLVED, That a suitable copy of this resolution be
15presented to Farm Credit Illinois and 1st Farm Credit Services
16as a symbol of our esteem and respect.