Agricultural Interest Rate Relief Act of 1987

[AI summary unavailable — showing source text] Agricultural Interest Rate Relief Act of 1987 - Title I: Agricultural Loan Interest Subsidy Program - Directs the Secretary of Agriculture to establish a Federal-State-Lender cooperative agricultural loan interest subsidy program to run through September 30, 1988. Sets forth borrower eligibility criteria, including a prohibition on borrowers who produce commodities on highly erodible land or converted wetland. Provides, with regard to such program, that the interest rate shall be written down as follows: (1) three percentage points shall be paid by the Federal Government; (2) between one and two percentage points may be paid by a State; and (3) one percent of interest shall be paid or at least 15 percent of the principal shall be cancelled by the lender. Sets maximum aggregate loan principal at $400,000 for an individual and $600,000 for a family corporation or partnership. Authorizes FY 1987 through 1990 program appropriations. Limits maximum aggregate fiscal year payments to $600,000,000. Requires States to submit a program plan to the Secretary for approval. Sets forth plan requirements, including the designation of a State administering agency. Title II: Farm Credit System Borr…