Rural Electric Cooperative Grantor Trust Kepco Series 1997 10-K 2008 FY Annual report

EXHIBIT 12

RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (KEPCO) SERIES 1997

Computation of Ratio of Income (Loss) to Fixed Charges

For the Years Ended December 31, 2007, 2006, 2005, 2004, and 2003

		2007			2006		2005			2004		2003
Net income (loss)	$	(582,686	)	$	1,778,458	$	2,778,964	$	1,582,063		$	2,649,822
Add: Fixed charges		2,299,941			2,310,806		1,577,432		716,221			617,143
Income (loss) available for fixed
charges	$	1,717,255		$	4,089,264	$	4,356,399	$	4,356,399		$	3,266,965
Fixed charges:
Interest on all debt	$	2,299,941		$	2,310,806	$	1,577,435	$	716,221		$	617,143
Total fixed charges	$	2,299,941		$	2,310,806	$	1,577,435	$	716,221		$	617,143
Ratio of income (loss) to
fixed charges		0.75			1.77		2.76		3.21			5.29
Deficiency	$	0.00		$	0.00	$	0.00	$	0.00		$	0.00