Infrastructure Improvement Act of 1987

[AI summary unavailable — showing source text] Infrastructure Improvement Act of 1987 - Authorizes the Secretary of Commerce to make loans to States (from accounts established by this Act) to enable them to make loans to units of local government to carry out eligible public works construction projects. Sets forth formulae for determining State eligibility for such loans. Requires States to repay such loans, with interest, over a ten-year period. Requires the Secretary to adjust such repayments as required to reflect any deferrals granted or amounts forgiven. Makes a unit of local government eligible for loans under this Act if it has a population of at least 50,000 and can demonstrate at least one economic distress requirement. Describes such requirements. Requires each unit of local government seeking a loan to apply to the chief executive officer of the State specifying the amount to be borrowed and an economic plan for its use. Describes an eligible public works project as one which involves construction of publicly owned facilities located on publicly owned lands. Prohibits the use of loans to local governments to replace funding for infrastructure projects or to provide the non-Federal share of any project under any other…