GAks/CORPACTG/ADMIN/TRUSTS/FORM10Q/BR88A3TR
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 March 31, 1997
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, 1997, certain distributions were made by the
trustee, as more specifically described in a Semiannual Report
dated February 15, 19967 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 15, 1997,
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
April 30, 1997
Nicholas G. Hahn
Senior Vice President and Controller
April 30, 1997
William D. Snider
Chief Financial Officer
EXHIBIT INDEX
Exhibit Sequential
No. Page No.
21.1 Semiannual Report dated February 15, 1997,
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-A2
February 15, 1997
Page 2
COjo/CONTRLR/ADMIN/TRUSTS/LETTERS/BR88A2TR
February 15, 1997
TO: Holders of Certificates of Beneficial Interests
Cooperative Utility Trust (Big Rivers Series) 1988-A2
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
Wells Fargo Bank N.A., as Trustee of Cooperative Utility Trust
(Big Rivers Series) 1988-A2, dated as of August 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, February 15, 1997, (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 February 15, 1997, distribution
allocable to Principal of $219.60;
2. The amount of the February 15, 1997, distribution
allocable to Interest is $20.45;
3. The amount of the February 15, 1997, distribution
allocable to Premium is $0.00;
4. The amount of the fees distributed to the Servicer through
February 15, 1997, since the next preceding Certificate
Payment Date is $0.18; and
5. The Principal Balance on the Certificates of Beneficial
Interests outstanding after the February 15, 1997,
distribution is $243.76.
The total aggregate principal balance on all certificates of
Beneficial Interest outstanding under Cooperative Utilities
Trust (Big Rivers Series) 1988-A2 after the February 15, 1997,
distribution is $5,924,000.00.
To the best of the Servicer's knowledge, as of February 15,
1997, 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 $5,838,270.13, due on the
Note on February 4, 1997. Pursuant to its Guarantee, the Rural
Utilities Service paid the due amount on February 11, 1997.
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 5, 1996, to, but excluding, February 4, 1997. 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, Nicholas G. Hahn, Senior Vice President & Controller, 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,
Nicholas G. Hahn
Senior Vice President & Controller
