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