<PAGE>

                                                              EXHIBIT 4.7.1(m)

                                                    UPON RECORDING, RETURN TO:
                                                          MS. SHAWNE M. KEENAN
                                               SUTHERLAND ASBILL & BRENNAN LLP
                                                    999 PEACHTREE STREET, N.E.
                                                   ATLANTA, GEORGIA 30309-3996

   PURSUANT TO SECTION 44-14-35.1 OF OFFICIAL CODE OF GEORGIA ANNOTATED, THIS
    INSTRUMENT EMBRACES, COVERS AND CONVEYS SECURITY TITLE TO AFTER-ACQUIRED
                            PROPERTY OF THE GRANTOR

================================================================================
================================================================================

                          OGLETHORPE POWER CORPORATION
                      (AN ELECTRIC MEMBERSHIP CORPORATION),
                                    GRANTOR,

                                       to

                                 SUNTRUST BANK,
                                     TRUSTEE

                              TWELFTH SUPPLEMENTAL
                                    INDENTURE

                                 Relating to the
                           Series 1999A (Monroe) Note

                           Dated as of January 1, 2000

                           FIRST MORTGAGE OBLIGATIONS

================================================================================
================================================================================


<PAGE>

         THIS TWELFTH SUPPLEMENTAL INDENTURE, dated as of January 1, 2000, is
between OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), an
electric membership corporation organized and existing under the laws of the
State of Georgia, as Grantor (hereinafter called the "Company"), and SUNTRUST
BANK, formerly known as SunTrust Bank, Atlanta, a banking corporation organized
and existing under the laws of the State of Georgia, as Trustee (in such
capacity, the "Trustee").

         WHEREAS, the Company has heretofore executed and delivered to the
Trustee an Indenture, dated as of March 1, 1997 (hereinafter called the
"Original Indenture") for the purpose of securing its Existing Obligations and
providing for the authentication and delivery of Additional Obligations by the
Trustee from time to time under the Original Indenture (capitalized terms used
herein shall have the meanings ascribed to them in the Original Indenture as
provided in Section 2.1 hereof);

         WHEREAS, the Development Authority of Monroe County (the "Monroe
Authority") issued $143,710,000 in aggregate principal amount of Development
Authority of Monroe County Pollution Control Revenue Bonds (Oglethorpe Power
Corporation Scherer Project), Series 1992A (the "Series 1992A Bonds"), of which
$5,925,000 in aggregate principal amount matures on January 1, 2000 (the "Series
1992A Maturities");

         WHEREAS, the Monroe Authority loaned the proceeds from the sale of the
Series 1992A Bonds to the Company, with such loan being evidenced by that
certain Series 1992A Note, dated as of October 1, 1992 (the "Series 1992A
Note"), from the Company to SunTrust Bank, formerly known as Trust Company Bank,
as trustee (in such capacity, the "Series 1992A Trustee"), as assignee and
pledgee of the Monroe Authority pursuant to the Trust Indenture, dated as of
October 1, 1992 (the "Series 1992A Indenture), between the Monroe Authority and
the Series 1992A Trustee;

         WHEREAS, on November 17, 1999, the Monroe Authority issued $5,925,000
in aggregate principal amount of Development Authority of Monroe County
Pollution Control Revenue Bonds (Oglethorpe Power Corporation Scherer Project),
Series 1999A (the "Series 1999A (Monroe) Bonds"), the proceeds from the sale of
which were loaned to the Company pursuant to that certain Loan Agreement, dated
as of November 1, 1999 (the "Series 1999A (Monroe) Loan Agreement,"), between
the Monroe Authority and the Company to refund the Series 1992A Maturities and
to make the related payments on the Series 1992A Note;

         WHEREAS, the Company's obligation to repay the loan of the proceeds of
the Series 1999A (Monroe) Bonds is evidenced by that certain Series 1999A
(Monroe) Note, dated November 17, 1999 (the "Unsecured Note"), from the Company
to SunTrust Bank, formerly known as SunTrust Bank, Atlanta, as trustee (in such
capacity, the "Series 1999A (Monroe) Trustee"), as assignee and pledgee of the
Monroe Authority pursuant to the Trust Indenture, dated as of November 1, 1999
(the "Series 1999A (Monroe) Indenture"), between the Monroe Authority and the
Series 1999A (Monroe) Trustee;




<PAGE>

         WHEREAS, as permitted by Section 4.9 of the Series 1999A (Monroe) Loan
Agreement, the Company desires to deliver to the Series 1999A (Monroe) Trustee a
promissory note secured under the Indenture (as hereinafter defined) in
substitution for the Unsecured Note;

         WHEREAS, the Company desires to execute and deliver this Twelfth
Supplemental Indenture, in accordance with the provisions of the Original
Indenture, for the purpose of providing for the creation and designation of that
certain Series 1999A (Monroe) Note, dated the date of its authentication (the
"Series 1999A (Monroe) Note"), from the Company to the Series 1999A (Monroe)
Trustee, as assignee and pledgee of the Monroe Authority pursuant to the Series
1999A (Monroe) Indenture, as an Additional Obligation and specifying the form
and provisions thereof (the Original Indenture, as heretofore, hereby and
hereafter supplemented and modified, being herein sometimes called the
"Indenture");

         WHEREAS, pursuant to Section 4.9 of the Series 1999A (Monroe) Loan
Agreement, upon the authentication of the Series 1999A (Monroe) Note by the
Trustee, the Series 1999A (Monroe) Note will be delivered to the Series 1999A
(Monroe) Trustee in substitution for the Unsecured Note;

         WHEREAS, Section 12.1 of the Original Indenture provides that, without
the consent of the Holders of any of the Obligations, the Company, when
authorized by a Board Resolution, and the Trustee, may enter into Supplemental
Indentures for the purposes and subject to the conditions set forth in said
Section 12.1; and

         WHEREAS, all acts and proceedings required by law and by the Articles
of Incorporation and Bylaws of the Company necessary to secure under the
Indenture the payment of the principal of (and premium, if any) and interest on
the Series 1999A (Monroe) Note, to make the Series 1999A (Monroe) Note to be
issued hereunder, when executed by the Company, authenticated and delivered by
the Trustee and duly issued, the valid, binding and legal obligation of the
Company, and to constitute the Indenture a valid and binding lien for the
security of the Series 1999A (Monroe) Note, in accordance with its terms, have
been done and taken; and the execution and delivery of this Twelfth Supplemental
Indenture has been in all respects duly authorized by the Company;

         NOW, THEREFORE, THIS TWELFTH SUPPLEMENTAL INDENTURE WITNESSES, that, to
secure the payment of the principal of (and premium, if any) and interest on the
Outstanding Secured Obligations, including, when issued, the Series 1999A
(Monroe) Note, to confirm the lien of the Indenture upon the Trust Estate,
including property purchased, constructed or otherwise acquired by the Company
since the date of execution of the Original Indenture, to secure performance of
the covenants therein and herein contained, to declare the terms and conditions
on which the Series 1999A (Monroe) Note is secured, and in consideration of the
premises thereof and hereof, the Company by these presents does grant, bargain,
sell, alienate, remise, release, convey, assign, transfer, mortgage,
hypothecate, pledge, set over and confirm to the Trustee, and its successors and
assigns in the trust created thereby and hereby, in trust, all property, rights,
privileges and franchises (other than Excepted Property or Excludable Property)
of the Company of the character described in the Granting Clauses of the
Original Indenture, including all


                                        2

<PAGE>

such property, rights, privileges and franchises acquired since the date of
execution of the Original Indenture, including, without limitation, all property
described in EXHIBIT A attached hereto, subject to all exceptions, reservations
and matters of the character referred to in the Indenture, and does grant a
security interest therein for the purposes expressed herein and in the Original
Indenture subject in all cases to Sections 5.2 and 11.2 B of the Original
Indenture and to the rights of the Company under the Original Indenture,
including the rights set forth in Article V thereof; but expressly excepting and
excluding from the lien and operation of the Indenture all properties of the
character specifically excepted as "Excepted Property" or "Excludable Property"
in the Original Indenture to the extent contemplated thereby.

         PROVIDED, HOWEVER, that if, upon the occurrence of an Event of Default,
the Trustee, or any separate trustee or co-trustee appointed under Section 9.14
of the Original Indenture or any receiver appointed pursuant to statutory
provision or order of court, shall have entered into possession of all or
substantially all of the Trust Estate, all the Excepted Property described or
referred to in Paragraphs A through H, inclusive, of "Excepted Property" in the
Original Indenture then owned or thereafter acquired by the Company, shall
immediately, and, in the case of any Excepted Property described or referred to
in Paragraphs I, J, L, N and P of "Excepted Property" in the Original Indenture
(excluding the property described in Section 2 of EXHIBIT B in the Original
Indenture), upon demand of the Trustee or such other trustee or receiver, become
subject to the lien of the Indenture to the extent permitted by law, and the
Trustee or such other trustee or receiver may, to the extent permitted by law,
at the same time likewise take possession thereof, and whenever all Events of
Default shall have been cured and the possession of all or substantially all of
the Trust Estate shall have been restored to the Company, such Excepted Property
shall again be excepted and excluded from the lien of the Indenture to the
extent and otherwise as hereinabove set forth and as set forth in the Indenture.

         The Company may, however, pursuant to the Granting Clause Third of the
Original Indenture, subject to the lien of the Indenture any Excepted Property
or Excludable Property, whereupon the same shall cease to be Excepted Property
or Excludable Property.

         TO HAVE AND TO HOLD all such property, rights, privileges and
franchises hereby and hereafter (by Supplemental Indenture or otherwise)
granted, bargained, sold, alienated, remised, released, conveyed, assigned,
transferred, mortgaged, hypothecated, pledged, set over or confirmed as
aforesaid, or intended, agreed or covenanted so to be, together with all the
tenements, hereditaments and appurtenances thereto appertaining (said
properties, rights, privileges and franchises, including any cash and securities
hereafter deposited or required to be deposited with the Trustee (other than any
such cash which is specifically stated in the Indenture not to be deemed part of
the Trust Estate) being part of the Trust Estate), unto the Trustee, and its
successors and assigns in the trust herein created, forever.

         SUBJECT, HOWEVER, to (i) Permitted Exceptions and (ii) to the extent
permitted by Section 13.6 of the Original Indenture as to property hereafter
acquired (a) any duly recorded or perfected prior mortgage or other lien that
may exist thereon at the date of the acquisition thereof by


                                        3

<PAGE>

the Company and (b) purchase money mortgages, other purchase money liens,
chattel mortgages, conditional sales agreements or other title retention
agreements created by the Company at the time of acquisition thereof.

         BUT IN TRUST, NEVERTHELESS, with power of sale, for the equal and
proportionate benefit and security of the Holders from time to time of all the
Outstanding Secured Obligations without any priority of any such Obligation over
any other such Obligation and for the enforcement of the payment of such
Obligations in accordance with their terms.

         UPON CONDITION that, until the happening of an Event of Default and
subject to the provisions of Article V of the Original Indenture, and not in
limitation of the rights elsewhere provided in the Original Indenture, including
the rights set forth in Article V of the Original Indenture, the Company shall
be permitted to (i) possess and use the Trust Estate, except cash, securities,
Designated Qualifying Securities and other personal property deposited, or
required to be deposited, with the Trustee, (ii) explore for, mine, extract,
separate and dispose of coal, ore, gas, oil and other minerals, and harvest
standing timber, and (iii) receive and use the rents, issues, profits, revenues
and other income, products and proceeds of the Trust Estate.

         THE INDENTURE, INCLUDING THIS TWELFTH SUPPLEMENTAL INDENTURE, is
intended to operate and is to be construed as a deed passing title to the
Trust Estate and is made under the provisions of the existing laws of the
State of Georgia relating to deeds to secure debt, and not as a mortgage or
deed of trust, and is given to secure the Outstanding Secured Obligations.
Should the indebtedness secured by the Indenture be paid according to the
tenor and effect thereof when the same shall become due and payable and
should the Company perform all covenants therein contained in a timely
manner, then the Indenture shall be canceled and surrendered.

         AND IT IS HEREBY COVENANTED AND DECLARED that the Series 1999A
(Monroe) Note is to be authenticated and delivered and the Trust Estate is to
be held and applied by the Trustee, subject to the covenants, conditions and
trusts set forth herein and in the Indenture, and the Company does hereby
covenant and agree to and with the Trustee, for the equal and proportionate
benefit of all Holders of the Outstanding Secured Obligations, as follows:

                                    ARTICLE I

                       THE SERIES 1999A (MONROE) NOTE AND
                       CERTAIN PROVISIONS RELATING THERETO

         SECTION 1.1 AUTHORIZATION AND TERMS OF THE SERIES 1999A (MONROE) NOTE.

         There shall be created and established an Additional Obligation in the
form of a promissory note known as and entitled the "Series 1999A (Monroe) Note"
(hereinafter referred to as the "Series


                                        4

<PAGE>

1999A (Monroe) Note"), the form, terms and conditions of which shall be
substantially as set forth in this Section and Section 1.2. The aggregate
principal face amount of the Series 1999A (Monroe) Note which shall be
authenticated and delivered and Outstanding at any one time is limited to
$5,925,000.

         The Series 1999A (Monroe) Note shall be dated the date of its
authentication. The Series 1999A (Monroe) Note shall mature on January 1, 2020
and shall bear interest from the date of its authentication to the date of its
maturity at rates calculated as provided for in the form of note prescribed in
Section 1.2. The Series 1999A (Monroe) Note shall be authenticated and delivered
to, and made payable to, SunTrust Bank, formerly known as SunTrust Bank,
Atlanta, as trustee, in its capacity as the Series 1999A (Monroe) Trustee.

         All payments made on the Series 1999A (Monroe) Note shall be made to
the Series 1999A (Monroe) Trustee at its principal office in Atlanta, Georgia in
lawful money of the United States of America which will be immediately available
on the date payment is due.

         SECTION 1.2 FORM OF THE SERIES 1999A (MONROE) NOTE.

         The Series 1999A (Monroe) Note, including the Trustee's authentication
certificate to be executed on such Series 1999A (Monroe) Note, shall be
substantially in the form of EXHIBIT B attached hereto, with such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted in the Original Indenture.

         SECTION 1.3 SUBSTITUTION OF THE SERIES 1999A (MONROE) NOTE FOR THE
UNSECURED NOTE.

         Upon its authentication, the Series 1999A (Monroe) Note shall be
delivered to the Series 1999A (Monroe) Trustee in substitution for the Unsecured
Note in accordance with Section 4.9 of the Series 1999A (Monroe) Loan Agreement.
Thereafter, the Series 1999A (Monroe) Note shall evidence the loan theretofore
evidenced by the Unsecured Note.

                                   ARTICLE II

                                  MISCELLANEOUS

         SECTION 2.1 This Twelfth Supplemental Indenture is executed and shall
be construed as an indenture supplemental to the Original Indenture, and shall
form a part thereof, and the Original Indenture, as heretofore supplemented and
as hereby supplemented and modified, is hereby confirmed. Except to the extent
inconsistent with the express terms hereof, all of the provisions, terms,
covenants and conditions of the Indenture shall be applicable to the Series
1999A (Monroe) Note to the same extent as if specifically set forth herein. All
references herein to Sections, definitions or other provisions of the Original
Indenture shall be to such Sections, definitions and other provisions as they
may be amended or modified from time to time pursuant to the Indenture.


                                        5

<PAGE>

All capitalized terms used in this Twelfth Supplemental Indenture shall have the
same meanings ascribed to them in the Original Indenture, except in cases where
the context clearly indicates otherwise.

         SECTION 2.2 All recitals in this Twelfth Supplemental Indenture are
made by the Company only and not by the Trustee; and all of the provisions
contained in the Original Indenture, in respect of the rights, privileges,
immunities, powers and duties of the Trustee shall be applicable in respect
hereof as fully and with like effect as if set forth herein in full.

         SECTION 2.3 Whenever in this Twelfth Supplemental Indenture any of the
parties hereto is named or referred to, this shall, subject to the provisions of
Articles IX and XI of the Original Indenture, be deemed to include the
successors and assigns of such party, and all the covenants and agreements in
this Twelfth Supplemental Indenture contained by or on behalf of the Company, or
by or on behalf of the Trustee shall, subject as aforesaid, bind and inure to
the respective benefits of the respective successors and assigns of such
parties, whether so expressed or not.

         SECTION 2.4 Nothing in this Twelfth Supplemental Indenture, expressed
or implied, is intended, or shall be construed, to confer upon, or to give to,
any person, firm or corporation, other than the parties hereto and the Holders
of the Outstanding Secured Obligations, any right, remedy or claim under or by
reason of this Twelfth Supplemental Indenture or any covenant, condition,
stipulation, promise or agreement hereof, and all the covenants, conditions,
stipulations, promises and agreements in this Twelfth Supplemental Indenture
contained by or on behalf of the Company shall be for the sole and exclusive
benefit of the parties hereto, and of the Holders of Outstanding Secured
Obligations.

         SECTION 2.5 This Twelfth Supplemental Indenture may be executed in
several counterparts, each of such counterparts shall for all purposes be deemed
to be an original, and all such counterparts, or as many of them as the Company
and the Trustee shall preserve undestroyed, shall together constitute but one
and the same instrument.

         SECTION 2.6 To the extent permitted by applicable law, this Twelfth
Supplemental Indenture shall be deemed to be a Security Agreement and Financing
Statement whereby the Company grants to the Trustee a security interest in all
of the Trust Estate that is personal property or fixtures under the Uniform
Commercial Code, as adopted or hereafter adopted in one or more of the states in
which any part of the properties of the Company are situated. The mailing
address of the Company,

as debtor is:                       2100 East Exchange Place
                                    P. O. Box 1349
                                    Tucker, Georgia 30085-1349,


                                        6

<PAGE>

and the mailing address of the Trustee, as secured party, is:

                                    SunTrust Bank
                                    25 Park Place
                                    Atlanta, Georgia 30303-2900

                                      (Signatures Begin on Next Page)

                                        7

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Twelfth
Supplemental Indenture to be duly executed under seal as of the day and year
first written above.

COMPANY:                             OGLETHORPE POWER CORPORATION (AN
                                     ELECTRIC MEMBERSHIP CORPORATION),
                                     an electric membership corporation
                                     organized under the laws of the
                                     State of Georgia

2100 East Exchange Place
P. O. Box 1349
Tucker, Georgia 30085-1349

                                     By: /S/ THOMAS A. SMITH
                                         --------------------
                                         Thomas A. Smith
                                         President and Chief
                                         Executive Officer

                                     Attest: /S/ PATRICIA N. NASH
Signed, sealed and delivered                 --------------------
by the Company in the presence of:           Patricia N. Nash
                                             Secretary

 /S/ LYNN H. LESTER
---------------------
Witness

 /S/ THOMAS J. BRENDIAR
-----------------------
Notary Public                                        [CORPORATE SEAL]

(Notarial Seal)

My commission expires: NOVEMBER 14, 2000
                       -------------------
                      [Signatures Continued on Next Page.]

<PAGE>

                   [Signatures Continued from Previous Page.]

TRUSTEE:                            SUNTRUST BANK,
                                    a banking corporation organized and existing
                                    under the laws of the State of Georgia

                                    By: /S/ BARTON A. DONALDSON
                                        -----------------------
Signed, sealed and delivered            Barton A. Donaldson
by the Trustee in the                   Vice President
presence of:

                                     By: /S/ BRIAN E. WOMBLE
                                         --------------------
/S/ GEORGE T. HOGAN                      Brian E. Womble
-------------------                      Assistant Vice President
Witness

/S/ TERESA R. TURNER
--------------------
Notary Public                                           [BANK SEAL]

(Notarial Seal)

My commission expires:   APRIL 3, 2001
                         -------------


<PAGE>

                                    EXHIBIT A

     All property of the Company in the Counties of Appling, Ben Hill, Burke,
Carroll, Clarke, Cobb, DeKalb, Floyd, Fulton, Heard, Jackson, Monroe, and
Toombs, State of Georgia, including, without limitation, the properties more
specifically described below:

         No additional properties to be specifically described.



                                       A-1

<PAGE>

                                    EXHIBIT B

                      [Form of Series 1999A (Monroe) Note]

THIS NOTE IS NON-TRANSFERABLE EXCEPT AS MAY BE REQUIRED TO EFFECT ANY TRANSFER
TO ANY SUCCESSOR TRUSTEE UNDER THE TRUST INDENTURE, DATED AS OF NOVEMBER 1,
1999, BETWEEN THE DEVELOPMENT AUTHORITY OF MONROE COUNTY AND SUNTRUST BANK,
ATLANTA, AS TRUSTEE.

                          OGLETHORPE POWER CORPORATION
                      (AN ELECTRIC MEMBERSHIP CORPORATION)

                           SERIES 1999A (MONROE) NOTE   DATE: January __, 2000

                                (SCHERER PROJECT)

         OGLETHORPE POWER CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION)
("Oglethorpe"), an electric membership corporation organized and existing
under the laws of the State of Georgia, for value received and in
consideration of the agreement of the Development Authority of Monroe County
(the "Monroe Authority") to issue $5,925,000 in aggregate principal amount of
Development Authority of Monroe County Pollution Control Revenue Bonds
(Oglethorpe Power Corporation Scherer Project), Series 1999A (the "Series
1999A (Monroe) Bonds"), hereby promises to pay to SunTrust Bank, formerly
known as SunTrust Bank, Atlanta (the "Series 1999A (Monroe) Trustee"), as
assignee and pledgee of the Monroe Authority, acting pursuant to the Trust
Indenture, dated as of November 1, 1999, from the Monroe Authority to the
Series 1999A (Monroe) Trustee (the "Series 1999A Indenture"), or its
successor in trust, the principal sum of $5,925,000, together with interest
and prepayment premium (if any) thereon as follows:

          (a) on or before each Interest Payment Date (as defined in the Series
1999A Indenture), a sum which will equal the interest on the Series 1999A
(Burke) Bonds which will become due on such Interest Payment Date on the
Series 1999A (Burke) Bonds; and

          (b) on or before January 1, 2020, a sum which will equal the principal
amount of the Series 1999A (Burke) Bonds which will become due on January
1, 2020; and

          (c) on or before any redemption date for the Series 1999A (Burke)
Bonds, a sum equal to the principal of, redemption premium (if any) and
interest on, the Series 1999A (Burke) Bonds which are to be redeemed on
such date.

          This Series 1999A (Monroe) Note is issued in substitution for and
supersedes and replaces that certain Series 1999A (Monroe) Note, dated
November 17, 1999, by Oglethorpe to the Series



                                       B-1

<PAGE>

1999A (Monroe) Trustee which was executed and delivered contemporaneously with
the initial issuance of the Series 1999A (Monroe) Bonds. This Series 1999A
(Monroe) Note evidences the Loan (as defined in the Agreement hereinafter
referred to) of the Monroe Authority to Oglethorpe and the obligation to repay
the same and shall be governed by and shall be payable in accordance with the
terms, conditions and provisions of the Loan Agreement, dated as of November 1,
1999 (the "Agreement"), between the Monroe Authority and Oglethorpe, pursuant to
which the Monroe Authority has agreed to loan to Oglethorpe the proceeds from
the sale of the Series 1999A (Monroe) Bonds.

     This Series 1999A (Monroe) Note is a duly authorized obligation of
Oglethorpe issued under and equally and ratably secured by the Indenture, dated
as of March 1, 1997 (the "Original Indenture"), as heretofore supplemented and
as supplemented by the Eleventh Supplemental Indenture, dated as of January 1,
2000 (the "Eleventh Supplemental Indenture"), and the Twelfth Supplemental
Indenture, dated as of January 1, 2000 (the "Twelfth Supplemental Indenture"),
between Oglethorpe, as grantor, and SunTrust Bank, formerly known as SunTrust
Bank, Atlanta, as trustee (in such capacity, the "Indenture Trustee"), (the
Original Indenture, as supplemented, the " Indenture"). Reference is hereby made
to the Indenture for a statement of the description of the properties thereby
mortgaged, pledged and assigned, the nature and extent of the security and the
respective rights, limitations of rights, duties and immunities thereunder of
Oglethorpe, the Indenture Trustee and the holder of this Series 1999A (Monroe)
Note and of the terms upon which this Series 1999A (Monroe) Note is
authenticated and delivered. This Series 1999A (Monroe) Note is created by the
Twelfth Supplemental Indenture and designated as the "Series 1999A (Monroe)
Note."

     All payments hereon are to be made to the Series 1999A (Monroe) Trustee at
its principal office in Atlanta, Georgia, in lawful money of the United States
of America which will be immediately available on the day payment is due. As set
forth in Section 4.6 of the Agreement, the obligation of Oglethorpe to make the
payments required hereunder shall be absolute and unconditional.

     Oglethorpe shall be entitled to certain credits against payments required
to be made hereunder as provided in Section 4.3 of the Agreement.

     This Series 1999A (Monroe) Note may be prepaid upon the terms and
conditions set forth in Article VIII of the Agreement.

     If the Series 1999A (Monroe) Trustee shall accelerate payment of the Series
1999A (Monroe) Bonds, all payments on this Series 1999A (Monroe) Note shall be
declared due and payable in the manner and with the effect provided in the
Agreement. The Agreement provides that, under certain conditions, such
declaration shall be rescinded by the Series 1999A (Monroe) Trustee.

     No recourse shall be had for the payments required hereby or for any claim
based herein or in the Agreement or in the Indenture against any officer,
director or member, past, present or future,



                                       B-2

<PAGE>

of Oglethorpe as such, either directly or through Oglethorpe, or under any
constitution provision, statute or rule of law or by the enforcement of any
assessment or by any legal or equitable proceedings or otherwise.

     This Series 1999A (Monroe) Note shall not be entitled to any benefit under
the Indenture and shall not become valid or obligatory for any purposes until
the Indenture Trustee shall have signed the form of authentication certificate
endorsed hereon.

     This Series 1999A (Monroe) Note shall be governed by and construed in
accordance with the laws of the State of Georgia.



                                       B-3

<PAGE>

     IN WITNESS WHEREOF, Oglethorpe has caused this Series 1999A (Monroe) Note
to be executed in its corporate name by its President and Chief Executive
Officer and attested by its Secretary and its corporate seal to be hereunto
affixed.

                                OGLETHORPE POWER CORPORATION
                               (AN ELECTRIC MEMBERSHIP CORPORATION)

                                By:
                                   --------------------------
                                   Thomas A. Smith
                                   President and Chief Executive Officer

(SEAL)

Attest:

-------------------------------
Patricia N. Nash
Secretary



                                       B-4

<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Obligations of the series designated therein referred to
in the within mentioned Indenture.

                                       SUNTRUST BANK, as Trustee

                                       By:
                                         --------------------------
                                         Authorized Signatory






                                       B-5

<PAGE>