Farm Credit System Loan Restructuring and Local Control Act of 1987

[AI summary unavailable — showing source text] Title I: Short Title - Farm Credit System Loan Restructuring and Local Control Act of 1987. Title II: Central Reserve For Farm Credit System - Amends the Farm Credit Act of 1971 to authorize the Central Reserve Fund Board (established by this Act) to issue up to $4,000,000,000 in federally guaranteed bonds. Authorizes the Secretary of the Treasury to assist in the interest payments on such bonds for five years. Title III: Central Reserve Fund Board - Establishes the Central Reserve Fund Board to administer the Central Reserve Fund. Title IV: Assistance to Farm Credit Institutions - Provides for Federal assistance to Farm Credit System (FCS) institutions. Permits the use of Central Reserve Fund moneys to pay system institutions to enable them to redeem stock at par value and to otherwise remain financially viable. Requires the board of directors of a farm credit district to have a certain plan in place in order for any FCS institution in its district to be eligible. Requires a recovery plan to be submitted within 60 days of the enactment of this Act. Requires a plan to: (1) establish a special credit team in the district to review on a case-by-case basis all the nonaccrual and high …