Page 1 of 7.
The Exhibit Index
appears on page 5.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1996
Commission File Number 33-20110-02
____________
COOPERATIVE UTILITY TRUST
(BIG RIVERS SERIES)
1988-A3
(Issuer of the Certificates)
CoBANK, ACB
(Exact name of registrant as specified in its charter)
UNITED STATES 84-1102254
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
5500 South Quebec Street, Englewood, Colorado 80111
(Address of principal executive offices) (Zip Code)
(303) 740-4000
(Registrant's telephone number, including area code)
__________
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by
Section 13 or 15(d) of the Securities and Exchange Act of
1934 during the preceding 12 months
(or for such shorter period that the registrant was required
to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No __
Indicate the number of shares outstanding of each of the
registrant's classes of common stock as
of the latest practicable date: not applicable.
PART I--FINANCIAL INFORMATION
Financial information has not been included in
accordance with the no action letter issued
to Louisville Bank for Cooperatives (now merged into CoBank,
ACB) (pub. avail. March 22,
1988) (the "No Action Letter").
PART II--OTHER INFORMATION
Item 1 through item 4 have not been included either
because such items are inapplicable or
in accordance with the No Action Letter.
Item 5. Other Information.
On August 15, 1996, certain distributions were made by
the trustee, as more specifically
described in a Semiannual Report dated February 15, 1996,
and delivered to the holders of the
Certificates of Beneficial Interests after such
distribution. This Semiannual Report is filed as
Exhibit 21.1 to this report pursuant to the No Action
Letter.
Item 6(b). Reports on Form 8-K.
(a) Exhibits.
21.1 Semiannual Report dated August 15, 1996, from the
CoBank, ACB, as
the Servicer, to Holders of Certificates of Beneficial
Interests.
(b) Reports on Form 8-K.
No report on Form 8-k has been filed during the quarter
for which this report is
filed.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CoBANK, ACB
November 1, 1996 /s/ Margaret E. Newell
Vice President and Manager of General
Accounting
November 1, 1996 /s/ William D. Snider
Chief Financial Officer
EXHIBIT INDEX
Exhibit Sequential
No. Page No.
21.1 Semiannual Report dated August 15, 1996,
6
from CoBank, ACB, as the Servicer,
to Holders of Certificates of Beneficial
Interests.
Holders of Certificates of Beneficial Interests
Cooperative Utility Trust (Big Rivers Series) 1988-A3
August 15, 1996
Page 2
GAjn/CORPACTG/ADMIN/TRUSTS/LETTERS/BR88A3TR
August 15, 1996
TO: Holders of Certificates of Beneficial Interests
Cooperative Utility Trust (Big Rivers Series) 1988-A3
Semiannual Report
Pursuant to Section 5.1 of the Trust Agreement among the
Louisville Bank for Cooperatives (now merged and doing business
as CoBank, ACB), as depositor of the Trust and Servicer of the
Note, Big Rivers Electric Corporation (the "Cooperative"), and
First Interstate Bank of Arizona, N.A., as Trustee of
Cooperative Utility Trust (Big Rivers Series) 1988-A3, dated as
of February 1, 1988, the Servicer hereby provides the following
information (stated on the basis of $1,000 of Initial Principal
amount) as of the Certificate Payment Date, August 15, 1996,
(capitalized terms used but not otherwise defined herein shall
have the meanings set forth in the Certificates of Beneficial
Interests and the Trust Agreement):
1. The amount of the August 15, 1996, distribution allocable
to Principal of $0.00;
2. The amount of the August 15, 1996, distribution allocable
to Interest is $47.50;
3. The amount of the August 15, 1996, distribution allocable
to Premium is $0.00;
4. The amount of the fees distributed to the Servicer through
August 15, 1996, since the next preceding Certificate
Payment Date is $0.39; and
5. The Principal Balance on the Certificates of Beneficial
Interests outstanding after the August 15, 1996,
distribution is $1,000.00.
The total aggregate principal balance on all certificates of
Beneficial Interest outstanding under Cooperative Utilities
Trust (Big Rivers Series) 1988-A3 after the August 15, 1996,
distribution is $280,031,000.00.
To the best of the Servicer's knowledge, as of August 15, 1996,
no delinquency in the payment under the Note not timely paid
under the Guarantee has occurred and no Event of Servicing
Termination, or event that with notice of lapse of time or both
would become an Event of Servicing Termination, has occurred
and is continuing. The Cooperative did not make the payment of
Guaranteed Interest in the amount of $13,409,984.51 due on the
Note on August 5, 1996. Pursuant to its Guarantee, the Rural
Utilities Service paid the due amount of Guaranteed Interest on
August 9, 1996.
Interest payments due on the Certificates have been calculated
on the basis of a year of 360 days consisting of twelve 30-day
months and computed over a period of time ending on, but not
including, the date on which payment was due on the related
Note and beginning on, and including, the next preceding date
on which payment was due on that Note. Payments on the Notes
are due February 4 and August 4 of each year, or the next
following business day if such date is not a business day.
Interest for this period was calculated from, and including,
February 5, 1996, to, but excluding, August 5, 1996. In
variance from the 180-day bond-convention period, interest
payment periods on the Note may be a few days more or less than
180 days with interest payments on the Certificates fluctuating
accordingly.
I, Margaret E. Newell, Vice President and Division Manager--
General Accounting, a Responsible Officer of the Servicer,
certify that, to the best of my knowledge and belief, the
Semiannual Report is complete and accurate.
Respectfully submitted,
Margaret E. Newell
Vice President and Division Manager--General Accounting
