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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 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 84-1286705
(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 August 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
February 13, 1997
Nicholas G. Hahn
Senior Vice President and Controller
February 13, 1997
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.
GAks/CORPACTG/ADMIN/TRUSTS/FORM10Q/BR88A3TR
GAks/CORPACTG/ADMIN/TRUSTS/FORM10Q/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
Holders of Certificates of Beneficial Interests
Cooperative Utility Trust (Big Rivers Series) 1988-A3
August 15, 1996
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