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| 1 | HOUSE RESOLUTION
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| 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
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| 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
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| 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
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| 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 | ||||||
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| 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,
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| 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,
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| 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
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| 12 | Farm Credit System; and
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| 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
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| 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
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| 22 | ranchers and through its ongoing financial support for | ||||||
| 23 | organizations like 4-H and Future Farmers of America; | ||||||
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| 1 | therefore, be it
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| 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
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| 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
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| 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.
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