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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 June 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 February 15, 1996, certain distributions were made by the trustee, as more
specifically described in a Semiannual Report dated February 23, 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 February 23, 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 under-
signed thereunto duly authorized.
CoBANK, ACB
July 30, 1996
Margaret E. Newell
Vice President and Manager of General Accounting
July 30, 1996
William D. Snider
Chief Financial Officer
EXHIBIT INDEX
Exhibit Sequential
No. Page No.
21.1 Semiannual Report dated February 23, 1996, 6
from CoBank, ACB, as the Servicer,
to Holders of Certificates of Beneficial Interests.
February 23, 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 Cl have the meanings set
forth in the Certificates of Beneficial Interests and the Trust Agreement):
1. The amount of the February 15, 1996, distribution allocable to Principal of
$0.00;
2. The amount of the February 15, 1996, distribution allocable to Interest is
$47.76;
3. The amount of the February 15, 1996, distribution allocable to Premium is
$0.00;
4. The amount of the fees distributed to the Servicer through February 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 February 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 February 15, 1996, distribution is $280,031,000.00.
To the best of the Servicer's knowledge, as of February 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 $13,484,484.43, due on the Note on February 5, 1996. Pursuant to
its Guarantee, the Rural Utilities
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, August 4, 1995, to,
but excluding, February 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
Holders of Certificates of Beneficial Interests
Cooperative Utility Trust (Big Rivers Series) 1988-A3
February 23, 1996
