Bill Text: NJ SJR43 | 2018-2019 | Regular Session | Introduced
Bill Title: Recognizes 100th anniversary of Farm Credit East Program.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2018-02-05 - Introduced in the Senate, Referred to Senate Economic Growth Committee [SJR43 Detail]
Download: New_Jersey-2018-SJR43-Introduced.html
Sponsored by:
Senator JEFF VAN DREW
District 1 (Atlantic, Cape May and Cumberland)
SYNOPSIS
Recognizes 100th anniversary of Farm Credit East program.
CURRENT VERSION OF TEXT
As introduced.
A Joint Resolution recognizing the 100th anniversary of the Farm Credit East program.
Whereas, Farm Credit East is part of the Farm Credit System, a nationwide network of banks and retail lending associations established in 1916 to promote the growth and prosperity of agriculture throughout the United States; and
Whereas, For 100 years, Farm Credit East has served the agricultural industry in New Jersey and six other northeastern states by providing farmers access to credit, financial guidance, and industry based support; and
Whereas, Structured as a borrower-owned lending cooperative, Farm Credit East provides its customers not only with the benefits of a full range of credit services that enhance productivity and profitability, but also with the advantages of ownership; and
Whereas, Customer-owners have earned more than $544 million in dividends from ownership of their cooperative over the past 19 years; and
Whereas, The staff of Farm Credit East reflects the lender's commitment to agriculture and provides an expertise in the industry that allows their support to extend beyond loans to include services such as market guidance, business management, and crop insurance; and
Whereas, Farm Credit East prioritizes community and civic involvement within the states it serves and proudly contributed $5,000 to the New Jersey Agricultural Society's Farmer's Against Hunger Program in January 2016; and
Whereas, Farm Credit East significantly impacts the agricultural industry in New Jersey, serving 1,672 customers and extending $869 million in loan commitments within the State; and
Whereas, With the assistance of capital and expertise provided by Farm Credit East, New Jersey farmers have grown and expanded their agricultural operations by investing in additional equipment, supplies, and employees; and
Whereas, With more than 9,000 farms spread across 715,000 acres, agriculture is a key part of New Jersey's economy, and the financial and professional support provided by Farm Credit East allows the industry to continue to thrive and grow; now, therefore,
Be It Resolved by the Senate and General Assembly of the State of New Jersey:
1. The Governor and the
Legislature recognize the Farm Credit East program for 100 years of financial
and professional support to the agricultural community in New Jersey and for providing
farmers in the State with the capital and services to develop a productive,
profitable, and growing industry.
2. Copies of this resolution, as filed with the Secretary of State, shall be transmitted by the Clerk of the General Assembly or the Secretary of the Senate to the Farm Credit East program.
3. This joint resolution shall take effect immediately.
STATEMENT
This joint resolution recognizes the 100th anniversary of the Farm Credit East program. Farm Credit East is part of the Farm Credit System, a nationwide network of banks and retail lending associations established in 1916 to promote the growth and prosperity of agriculture throughout the United States. For 100 years, Farm Credit East has served the agricultural industry in New Jersey and six other northeastern states by providing farmers access to credit, financial guidance, and industry based support aimed at enhancing productivity and profitability. Structured as a borrower-owned lending cooperative, Farm Credit East also provides its customers with the benefits of ownership.
Farm Credit East significantly impacts the agricultural industry in New Jersey, serving 1,672 customers and extending $869 million in loan commitments within the State. With the assistance of capital and expertise provided by Farm Credit East, New Jersey farmers have grown and expanded their agricultural operations by investing in additional equipment, supplies, and employees. More than 9,000 farms spread across 715,000 acres are in New Jersey, making agriculture a key part of the State's economy. The financial and professional support provided by Farm Credit East allows the agricultural industry to continue to thrive and grow, and has earned the program the Governor and Legislature's recognition for 100 years of service within the State.
