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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
June 15, 1997
RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (TEX-LA) 1988 T-1
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
New York 33-20166 33-6878773
(State or other jurisdic- (Commission File (IRS Employer
tion of incorporation) Number) Identification No.)
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National Rural Utilities Cooperative
Finance Corporation
Woodland Park
2201 Cooperative Way, Herndon, VA 20171-3025
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code: (703) 709-6700
(Former name or former address, if changed since last report)
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Item 5. Other Events
In accordance with Section 5.01 of the Trust Agreement, a semi-
annual report dated June 15, 1997 was sent to certificateholders. A copy
of the report appears as an exhibit to this filing.
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Item 7. Financial Statement, Pro Forma Financial Information and Exhibits
(c) Exhibits
The following exhibit is filed herewith:
21.1 Semi-annual Report to Certificateholders dated June 15, 1997.
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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 hereunto duly authorized.
NATIONAL RURAL UTILITIES COOPERATIVE
FINANCE CORPORATION
/s/ Steven L. Lilly
Steven L. Lilly, Chief Financial Officer
June 15, 1997
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Exhibit Index
(21.1) Semi-annual Report to Certificateholders dated June 15, 1997.
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To the holders of:
RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (TEX-LA) 1988 T-1
CUSIP: 781681 AF 8
The following information has been furnished to us, as your Trustee, by
National Rural Utilities Cooperative Finance Corporation (the "Servicer"),
pursuant to Section 5.1 of the Trust Agreement dated February 15, 1988, and
amended as of March 16, 1988.
Certificate Payment Date: June 15, 1997
Distribution Allocable to
Principal: $ 0.00
Distribution Allocable to
Interest: $ 530,912.50
Distribution Allocable to
Premium: $ 0.00
Fees Distributed to Servicer: $ 5,537.50
Principal Balance of Certificates
Outstanding: $ 11,075,000.00
No delinquency in payment under either the Note or the Guarantee has
occurred and no Event of Servicing Termination, or, to the best of the
Servicer's knowledge, event that with notice or lapse of time or both would
become an Event of Servicing Termination, has occurred and is continuing.
I, the undersigned, do hereby certify that I am a Responsible Officer of
National Rural Utilities Cooperative Finance Corporation, and as such
officer, I further certify that to the best of my knowledge and belief, the
Semiannual Report is complete and accurate.
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
/s/ Steven L. Lilly
(Title) Chief Financial Officer
June 15, 1997
