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EXHIBIT 12

RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993-B1
Computation of Ratio of Margins to Fixed Charges

For the Years Ended December 31, 2002, 2001, 2000, 1999 and 1998

|                                    |                      |   |           |           |      |   |           |           |      |   |           |           |  |   |           |           |  |   |           |           | 
|----------------------------------- | -------------------- | - | --------- | --------- | ---- | - | --------- | --------- | ---- | - | --------- | --------- |  | - | --------- | --------- |  | - | --------- | --------- | 
|                                    |                      |   | 2002      |           | 2001 |   | 2000      |           | 1999 |   | 1998     
|                                    |                      |   |           |           |      |   |           |           |      |   |          
|Net margins                         |                      | $ |          |           |      | $ |          |           |      | $ |          |           |  | $ |          |           |  | $ |          |          
|                                    | Add: Fixed charges   |   |           | 4,306,823 |      |   |           | 4,306,823 |      |   |           | 4,306,823 |  |   |           | 4,306,823 |  |   |           | 4,306,823 | 
|                                    |                      |   |           |           |      |   |           |           |      |   |           |           |  |   |           |           |  |   |           |          
|Margins available for fixed charges |                      | $ | 4,306,823 |           |      | $ | 4,306,823 |           |      | $ | 4,306,823 |           |  | $ | 4,306,823 |           |  | $ | 4,306,823 |          
|                                    |                      |   |           |           |      |   |           |           |      |   |           |           |  |   |           |           |  |   |           |          
|Fixed charges:                      |                      |   |           |           |      |   |           |           |      |   |           |           |  |   |           |           |  |   |           |          
|                                    | Interest on all debt |   | $         | 4,306,823 |      |   | $         | 4,306,823 |      |   | $         | 4,306,823 |  |   | $         | 4,306,823 |  |   | $         | 4,306,823 | 
|                                    |                      |   |           |           |      |   |           |           |      |   |           |           |  |   |           |           |  |   |           |          
|Total fixed charges                 |                      | $ | 4,306,823 |           |      | $ | 4,306,823 |           |      | $ | 4,306,823 |           |  | $ | 4,306,823 |           |  | $ | 4,306,823 |          
|                                    |                      |   |           |           |      |   |           |           |      |   |           |           |  |   |           |           |  |   |           |          
|Ratio of margins to fixed charges   |                      |   | 1.00      |           |      |   | 1.00      |           |      |   | 1.00      |           |  |   | 1.00      |           |  |   | 1.00      |          
|                                    |                      |   |           |           |      |   |           |           |      |   |           |           |  |   |           |           |  |   |           |          

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