Document:

<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><PAGE>

                                                                 EXHIBIT 10.26

                              EMPLOYMENT AGREEMENT

                                     BETWEEN

                          OGLETHORPE POWER CORPORATION
                      (AN ELECTRIC MEMBERSHIP CORPORATION)

                                       AND

                                 THOMAS A. SMITH

                         DATED AS OF SEPTEMBER 15, 1999

<PAGE>

                              EMPLOYMENT AGREEMENT

                                     BETWEEN

                          OGLETHORPE POWER CORPORATION
                      (AN ELECTRIC MEMBERSHIP CORPORATION)

                                       AND

                                 THOMAS A. SMITH

                               TABLE OF CONTENTS

<TABLE>
<S>     <C>       <C>                                                                                             <C>
ARTICLE 1
EMPLOYMENT........................................................................................................2

ARTICLE 2
TERM AND OTHER EMPLOYMENT.........................................................................................2

         2.1      Term............................................................................................2
         2.2      Automatic Renewal...............................................................................2
         2.3      Other Employment................................................................................2
         2.4      Compensation From Other Boards And Similar Actions..............................................2

ARTICLE 3
PERFORMANCE REVIEWS AND COMPENSATION..............................................................................3

         3.1      Basic Compensation..............................................................................3
         3.2      Adjustments to Basic Compensation...............................................................3

ARTICLE 4
DUTIES............................................................................................................3

ARTICLE 5
EMPLOYER PROVIDED BENEFITS........................................................................................4

         5.1      Basic Benefits..................................................................................4
         5.2      Modification Of Benefits........................................................................4
         5.3      Variable Pay....................................................................................4
         5.4      Special Incentives..............................................................................5

ARTICLE 6
EMPLOYEE EXPENSES.................................................................................................5

ARTICLE 7
TERMINATION OF EMPLOYMENT.........................................................................................5

         7.1      Termination For Cause...........................................................................5
         7.2      Notice Of Decision By Employer..................................................................5
         7.3      Effect Of Termination For Cause.................................................................6

</TABLE>

                                       i
<PAGE>

<TABLE>
<S>     <C>       <C>                                                                                             <C>
         7.4      Termination Without Cause.......................................................................6
         7.5      Receipt In Lieu Of Other Compensation...........................................................7
         7.6      Mutual Release..................................................................................7
         7.7      No Duty To Mitigate.............................................................................7

ARTICLE 8
NOTICE TO EMPLOYER UPON VOLUNTARY RESIGNATION.................................................................... 8

ARTICLE 9
COVENANT NOT TO COMPETE.......................................................................................... 8

         9.1      Scope And Term..................................................................................8
         9.2      Reasonableness Of Provision.....................................................................8
         9.3      Failure Of Employer To Provide 9.1 Consent......................................................8

ARTICLE 10
ARBITRATION...................................................................................................... 9

         10.1     Agreement To Arbitrate......................................................................... 9
         10.2     Procedure...................................................................................... 9
         10.3     Required Notice...............................................................................  9
         10.4     Right To Additional Relief.................................................................... 10
         10.5     Reimbursement Of Expenses....................................................................  10

ARTICLE 11
FURTHER RESTRUCTURING........................................................................................... 10

         11.1     Recognition Of Possible Future Restructuring...................................................10
         11.2     Sale Or Transfer Of Employer...................................................................10

ARTICLE 12
RURAL UTILITIES SERVICE REQUIREMENTS.............................................................................11

         12.1     Rights Of Employer Upon Event Of Default.......................................................11
         12.2     Effective Termination Under Section 11.1.......................................................11

ARTICLE 13
MISCELLANEOUS....................................................................................................11

         13.1     Third Party Beneficiaries......................................................................11
         13.2     Notices........................................................................................12
         13.3     Waiver Of Breach...............................................................................12
         13.4     Assignment.....................................................................................12
         13.5     Governing Law..................................................................................12
         13.6     Employee's Attorneys' Fees.....................................................................12
         13.7     Severability...................................................................................12
         13.8     Counterparts...................................................................................13
         13.9     Entire Agreement...............................................................................13
         13.10    Captions.......................................................................................13
         13.11    Prior Employment Contract......................................................................13
</TABLE>

                                       ii
<PAGE>
                              EMPLOYMENT AGREEMENT

                                     BETWEEN

                          OGLETHORPE POWER CORPORATION
                      (AN ELECTRIC MEMBERSHIP CORPORATION)

                                       AND

                                 THOMAS A. SMITH

         This EMPLOYMENT AGREEMENT ("Agreement") is made and entered into
effective the 15th day of September, 1999 by and between THOMAS A. SMITH
("Employee") and OGLETHORPE POWER CORPORATION (An Electric Membership
Corporation) ("Employer") (individually a "Party" or collectively "the
Parties").

                                   WITNESSETH:
                                   -----------

         WHEREAS, the Board of Directors of Employer elected Employee to serve
as its President and Chief Executive Officer, effective September 15th, 1999;

         WHEREAS, Employee desires to formalize his employment relationship with
Employer and to ensure the security of his position;

         WHEREAS, Employer is willing to enter into an agreement with Employee,
and Employee is willing to enter into an agreement on that same basis.

         NOW THEREFORE, in consideration of the promises contained herein and
other good and valuable consideration, the Parties agree as follows:

                                       1
<PAGE>

                                    ARTICLE 1
                                   EMPLOYMENT

         Employer employs Employee and Employee accepts employment as Employer's
President and Chief Executive Officer upon the terms and conditions set forth
herein.

                                    ARTICLE 2
                            TERM AND OTHER EMPLOYMENT

         2.1 TERM. Subject to the provisions for automatic renewal and
termination as provided herein below, the term of this Agreement shall be
effective as of September 15th, 1999 and shall terminate at 12:00 a.m. on
December 31st, 2002.

         2.2 AUTOMATIC RENEWAL. This Agreement shall be automatically extended
for an unlimited number of one-year periods, unless on or before December 31st,
2000, or twenty-five (25) months before the expiration of any extension thereof,
either Party provides to the other written notice of its desire not to
automatically renew this Agreement.

         2.3 OTHER EMPLOYMENT. Employee agrees that unless this Agreement is
terminated in accordance with Article 7 hereof, during the term of this
Agreement he will not, without the consent of Employer, accept employment with
any employer other than Employer.

         2.4 COMPENSATION FROM OTHER BOARDS AND SIMILAR ACTIONS. Notwithstanding
Section 2.3, Employee may receive compensation for participation on boards of
directors or similar part-time associations, provided that such participation
does not interfere with the performance of his employment obligations to
Employer and that such participation has been approved in advance by the
Employer's Board of Directors.

                                       2
<PAGE>

                                    ARTICLE 3
                      PERFORMANCE REVIEWS AND COMPENSATION

         3.1 BASIC COMPENSATION. For all services rendered by Employee under
this Agreement, Employer shall pay Employee an annual base salary ("Base
Compensation") as determined from time to time in accordance with this
Agreement. In no event shall Base Compensation be less than Two Hundred and
Fifty Thousand Dollars ($250,000.00) per year, payable in equal installments on
the 15th and the last business day of each month.

         3.2 ADJUSTMENTS TO BASIC COMPENSATION. On an annual basis, Employer's
Board of Directors shall review the compensation plan of Employer for the
purpose of determining what, if any, adjustments are to be made to the base
compensation for Employer's associate positions. Employee's Base Compensation
will be reviewed in accordance with this process. The Board of Directors will
make such adjustments, if any, in Employee's Base Compensation as it deems
appropriate as part of this annual review. Any such adjustments will be
effective with the effective date for all other Employer associates.

                                    ARTICLE 4
                                     DUTIES

         Employee shall serve as the President and Chief Executive Officer of
Employer and, as directed by the Board of Directors, any subsidiary of Employer.
In these roles he shall manage the day-to-day affairs of the Employer and any
such subsidiary. Employee shall have such other duties and responsibilities as
from time-to-time may be reasonably assigned to him by the Boards of Directors
of Employer, and that are consistent with Employee's role as its President and
Chief Executive Officer and with the bylaws of Employer or any subsidiary of
Employer.

                                       3
<PAGE>

                                    ARTICLE 5
                           EMPLOYER PROVIDED BENEFITS

         5.1 BASIC BENEFITS. Employer currently provides to all of its
associates, including Employee, a comprehensive benefits package. During the
term of his employment, Employee shall be entitled to receive and shall be
allowed to participate in these benefits on the terms and conditions as provided
in the policies and practices of Employer as the same may be modified from
time-to-time by Employer's Board of Directors.

         5.2 MODIFICATION OF BENEFITS. Employee recognizes that it is within the
sole discretion of Employer's Board of Directors to modify the benefits of
Employer from time-to-time and agrees that no claim will arise against Employer
by virtue of its Board of Directors' exercise of its rights to modify Employer's
benefits package. In addition, Employee shall be entitled to five (5) weeks paid
vacation time and an automobile or an automobile allowance and such benefits
shall not be reduced during the term of this Agreement (including any extensions
thereof).

         5.3 VARIABLE PAY. Prior to January 31st of each year, the Employer's
Board of Directors shall establish Employee's goals to be accomplished during
that calendar year. These may be goals that can be fully accomplished during
that calendar year or intermediate milestones for corporate initiatives, which
cannot be accomplished during that calendar year. Each goal shall have
associated with it a percentage of the Employee's Base Compensation, which he
can earn upon accomplishment of the goal. These amounts shall be in addition to
the Base Compensation provided for in Section 3.1. The total percentage
opportunity of variable pay, which may be earned upon accomplishment of all
annual goals, shall in no event be less than the total percentage that may be
earned by Employee during Employee's first year of employment.

                                       4
<PAGE>

         5.4 SPECIAL INCENTIVES. From time to time the Employer's Board of
Directors may, but is not required to, establish additional special goals for
Employee, the accomplishment of which will result in the payment of compensation
in addition to the compensation provided for in Sections 3.1 and 5.3.

                                    ARTICLE 6
                                EMPLOYEE EXPENSES

         Employee is authorized to incur reasonable business expenses on behalf
of Employer and its subsidiaries in performing his duties. Such reasonable
expenses shall be promptly paid (or reimbursed as applicable) by Employer.

                                    ARTICLE 7
                            TERMINATION OF EMPLOYMENT

         7.1 TERMINATION FOR CAUSE. Employer may terminate Employee's employment
at any time for cause. Cause shall exist if Employee intentionally commits an
act or acts of dishonesty, which constitute a felony or job-related misdemeanor,
or an act or acts which breach Employee's fiduciary duties to Employer, or a
subsidiary of Employer, for which he is acting as President and Chief Executive
Officer and which either: (1) causes material harm to Employer, or a subsidiary
of Employer, for which he is acting as President and Chief Executive Officer;
(2) materially and unlawfully impairs the reputation of Employer, or a
subsidiary of Employer, for which he is acting as President and Chief Executive
Officer; or (3) materially interferes with the operations of the Employer, or a
subsidiary of Employer, for which he is acting as President and Chief Executive
Officer.

         7.2 NOTICE OF DECISION BY EMPLOYER. Employer shall provide written
notice specifying with particularity the action or inactions constituting cause.
Employee shall have the right, but not the obligation, to appear with or without
counsel, as he elects, before the Employer's Board of Directors

                                       5
<PAGE>

to respond to any allegation that serves as the basis for the termination, prior
to the effective date of the termination. The failure of Employee to make such
appearance shall in no way affect or prejudice the rights of either Party to
arbitrate a dispute under Article 10 below. Employee shall be given at least ten
(10) days actual written notice of the date, terms, and place of an appearance
before the Board of Directors.

         7.3 EFFECT OF TERMINATION FOR CAUSE. In the event of a termination for
cause by Employer, Employer shall pay all amounts due, which are then accrued
but unpaid, within thirty (30) days after the date of notice. In the event that
such termination for cause occurs prior to December 31 of any year covered by
this Agreement, Employee shall not be entitled to compensation under Sections
5.3 and 5.4, except for any amount which may have been earned, but unpaid in the
previous calendar year.

         7.4 TERMINATION WITHOUT CAUSE. Employer may terminate Employee's
employment at any time without cause. However, in the event Employee is
terminated by Employer without cause, Employee shall be entitled to receive (in
addition to accrued salary and benefits, including amounts earned under Sections
5.3 and 5.4 during the previous year but unpaid) the following amounts in
lump-sum form payable within thirty (30) days of such termination without cause:
(a) all Base Compensation (at the then applicable yearly rate) he would be
entitled to receive through the then applicable term of the Agreement. In no
event shall this amount be greater than two (2) years' Base Compensation (at the
then applicable yearly rate) nor less than one (1) year's Base Compensation (at
the then applicable yearly rate), and (b) an amount equal to the cost of
providing all health and dental insurance during the remaining term of the
Agreement or one (1) year, whichever is longer. A resignation by Employee within
one hundred eighty (180) days of any of the following events

                                       6
<PAGE>

shall also be deemed a termination without cause and shall entitle Employee to
all benefits available under this Agreement for termination without cause: (a) a
material reduction or alteration of Employee's title or responsibilities in a
manner that is inconsistent with Employee's position, or (b) a change in the
location of Employee's principal office by more than fifty (50) miles.

         7.5 RECEIPT IN LIEU OF OTHER COMPENSATION. Employee acknowledges that
the receipt of the compensation outlined in this Article is in lieu of any other
amounts that he may be entitled to receive for any reason related to his
employment by Employer or, as appropriate, a subsidiary of Employer and in lieu
of any monies he would otherwise be entitled to receive under any then
applicable corporate policy.

         7.6 MUTUAL RELEASE. Employee agrees that in the event of a termination
without cause, as a condition precedent to receipt of the monies described in
this Article 7, he shall execute a mutual release of all claims (other than
vested benefits) against Employer, its Members, Directors, officers, agents,
associates, subsidiaries, affiliates and attorneys, and VICE VERSA, in language
satisfactory to counsel for both Employer and Employee. The failure by the
Employer to execute and provide a fully mutual release within forty-five (45)
days shall eliminate Employee's duty to do same, but shall not delay Employer's
duty to pay the monies as provided herein.

         7.7 NO DUTY TO MITIGATE. In the event Employee's employment is
terminated in a manner that gives Employee a right to receive payment described
in this Article 7 (collectively "damages"), Employee shall have no obligation to
mitigate such damages, and no subsequent earnings shall serve as mitigation of
the amounts owed to Employee by the Employer.

                                        7
<PAGE>

                                    ARTICLE 8
                  NOTICE TO EMPLOYER UPON VOLUNTARY RESIGNATION

         Employee agrees that should he choose to voluntarily separate himself
from Employer, he will provide Employer with a minimum of sixty (60) days
written notice. Said notice to be provided in accordance with the terms of this
Agreement.

                                    ARTICLE 9
                             COVENANT NOT TO COMPETE

         9.1 SCOPE AND TERM. Employee agrees that in the event he voluntarily
separates himself from Employer during the time periods covered by Article 2, he
will not, for a period of one (1) year thereafter, unless he obtains written
consent from the Chairman of the Board of Employer, which consent shall not be
unreasonably withheld, become an officer, director, contractor, consultant or
associate or in any way be employed with or for any competitor of Employer.

         9.2 REASONABLENESS OF PROVISION. Employee acknowledges that the
provisions specified herein regarding his non-competition are fair and equitable
under the circumstances and agrees that the period for such undertaking may be
tolled or suspended pursuant to a court order for any period of time during
which he is found by a court of competent jurisdiction to be in violation of
this Article 9. Moreover, Employee acknowledges that should he be in violation
of this Article 9, Employer shall be entitled to seek injunctive or monetary
relief in a court of competent jurisdiction.

         9.3 FAILURE OF EMPLOYER TO PROVIDE 9.1 CONSENT. In the event that
Employee voluntarily separates himself from Employer, and Employer does not
provide written consent waiving the provisions of Section 9.1 above, on the
termination date of Employee's employment, Employer shall provide one (1) year's
compensation equivalent to Employee's Base Compensation and one (1)

                                        8
<PAGE>

year's health and dental benefits. Such payment shall be made regardless of
whether Employee obtains employment that does not violate Section 9.1.

                                   ARTICLE 10
                                   ARBITRATION

         10.1 AGREEMENT TO ARBITRATE. Except as otherwise provided in this
Agreement, Employer and Employee hereby agree to resolve by binding arbitration
all claims and controversies for which a court otherwise would be authorized by
law to grant relief, in any way arising out of, relating to or associated with
Employee's employment with Employer or any subsidiary of Employer, including
disputes concerning the formation or terms of this Agreement and disputes
regarding a determination by Employer's Board of Directors that there is "cause"
for Employee's termination.

         10.2 PROCEDURE. Any such arbitration shall be in accordance with the
then applicable rules of the American Arbitration Association ("AAA"). The
arbitration hearing will be held before an experienced employment arbitrator or
panel of such arbitrators licensed to practice law in the State of Georgia and
selected by and in accordance with the rules of the AAA, as the exclusive remedy
for such claim or dispute. The forum of such arbitration shall be Atlanta,
Georgia.

         10.3 REQUIRED NOTICE. The Party seeking arbitration of a dispute, claim
or controversy as required by this Article 10, must give specific written notice
of any claim to the other Party within twelve (12) months of the date the Party
seeking arbitration first has knowledge of the event giving rise to a claim or
dispute; otherwise, the claim shall be void and deemed waived even if there is a
federal or state statute of limitation which would have given more time to
pursue the claim.

           /S/ T.A.S.                          /S/  J.C.E.
           ---------------------               ---------------------
           EMPLOYEE                            EMPLOYER

                                        9
<PAGE>

         10.4 RIGHT TO ADDITIONAL RELIEF. Notwithstanding the foregoing,
Employer shall have the right to seek temporary and/or preliminary injunctive
relief in a court of competent jurisdiction to enforce the terms of Article 9
hereof. The ultimate resolution of the underlying issues in such litigation
shall, however, be subject to the agreement by the Parties to resolve any
disputes by arbitration as set forth herein.

         10.5 REIMBURSEMENT OF EXPENSES. Employer shall be responsible for
payment of the arbitration costs. In addition, in the event that the Employee
prevails in said arbitration or litigation, he shall be entitled to prompt full
reimbursement by Employer of his legal fees and costs incurred.

                /S/ T.A.S.                          /S/  J.C.E.
                ---------------------               ---------------------
                EMPLOYEE                            EMPLOYER

                                   ARTICLE 11
                              FURTHER RESTRUCTURING

         11.1 RECOGNITION OF POSSIBLE FUTURE RESTRUCTURING. It is recognized by
Employer and Employee that the volatility in the utility industry may result in
further restructurings, which may be forced by changes in the regulatory
environment or which may be determined by the Board of Directors of the Employer
to be in the best interests of Employer and its Members. Employee recognizes
this possibility and the need for the Board of Directors of the Employer to be
able to react to such changes.

         11.2 SALE OR TRANSFER OF EMPLOYER. In the event that Employer or
essentially all of its assets (or control of such assets) are sold or otherwise
transferred such that: (1) Employee's services as President and Chief Executive
Officer of Employer are no longer required; or (2) a material reduction of
Employee's title or responsibilities occurs that is inconsistent with Employee's
position,

                                       10
<PAGE>

Employee will be entitled to compensation as if such event is a termination
without cause. In addition, Employer shall retain and hire Employee on a one (1)
year retainer basis to act as a consultant to aid in the transition process at a
rate equal to Employee's then applicable yearly Base Compensation.

                                   ARTICLE 12
                      RURAL UTILITIES SERVICE REQUIREMENTS

         12.1 RIGHTS OF EMPLOYER UPON EVENT OF DEFAULT. Upon the occurrence
of an Event of Default (as defined in the Amended and Consolidated Loan
Contract between the Employer and the United States of America, dated as of
March 1, 1997) or if an event occurs and is continuing, which will, with the
passage of time or the giving of notice, or both, become an Event of Default,
and the Rural Utilities Service requests that the Employer terminate
Employee, then notwithstanding any other provision in this Agreement,
Employer may immediately upon written notice to Employee terminate the
employment of Employee.

         12.2 EFFECTIVE TERMINATION UNDER SECTION 12.1. Termination under this
Article 12 shall be deemed a termination without cause, unless the event or the
Event of Default which gives rise to the Rural Utilities Service's request is
caused by actions of Employee which permit termination for cause under Article
7. In either case, Employee's right to compensation will be governed by Article
7.

                                   ARTICLE 13
                                  MISCELLANEOUS

         13.1 THIRD PARTY BENEFICIARIES. There are no third party beneficiaries
to this Agreement.

                                       11
<PAGE>

         13.2 NOTICES. Any notice required or permitted to be given under
this Agreement shall be sufficient if in writing and sent by certified or
registered mail to Employee's residence then on file with Employer. In the
case of Employer or any of its subsidiaries, notice shall be sent as follows:

         Oglethorpe Power Corporation
         2100 East Exchange Place
         P.O. Box 1349
         Tucker, Georgia 30085-1349
         Attention:  Chairman of the Board.

         13.3 WAIVER OF BREACH. The waiver by Employer or Employee of a breach
of any provision of this Agreement by the other shall not operate or be
construed as a waiver of any subsequent breach by Employee or Employer,
respectively.

         13.4 ASSIGNMENT. The rights and obligations of Employer under this
Agreement shall inure to the benefit of and shall be binding upon Employer's
successors and assigns.

         13.5 GOVERNING LAW. This Agreement shall be governed by, construed
under, performed, and enforced in accordance with the laws of the State of
Georgia.

         13.6 EMPLOYEE'S ATTORNEYS' FEES. Employer agrees to reimburse Employee
for the attorneys' fees incurred in obtaining legal advice regarding this
Agreement, up to a maximum of Two Thousand Five Hundred Dollars ($2,500.00).

         13.7 SEVERABILITY. Should any provision of this Agreement or portion
thereof, be ruled void, invalid, unenforceable or contrary to public policy by
any court of competent jurisdiction, then any remaining portion of such
provision and all other provisions of this Agreement shall survive and be
applied and any invalid or unenforceable portion shall be construed or performed
to preserve as much of the original words, terms, purpose, and intent as shall
be permitted by law.

                                       12
<PAGE>

         13.8 COUNTERPARTS. This Agreement shall be executed in duplicate
counterparts. Each counterpart is deemed an original of equal dignity with the
other. The official executing this Agreement on behalf of Employer represents
and warrants that he has full requisite authority to do so.

         13.9 ENTIRE AGREEMENT. This Agreement sets forth the entire
understanding and agreement of Employer and Employee with respect to the
employment relationship between Employer and Employee which is the subject of
this Agreement. All courses of dealing, and prior representations, promises,
understandings and agreements, whether oral or written, including all other
employment agreements between Employee and Employer, are superseded by this
Agreement. No modification of or amendment to this Agreement shall be binding
upon Employer or Employee unless in writing and signed by both Parties hereto.
No provision of this Agreement shall be construed against or interpreted to the
advantage or disadvantage of either Party by any court, judicial or other
governmental authority by reason of such Party having been deemed to have
structured, written, drafted or dictated such provision.

         13.10 CAPTIONS. The title to each Article and the underlined headings
and titles preceding each Section of this Agreement are for the purpose of
identification, convenience and ease of reference, and shall be completely
disregarded in the construction of this Agreement.

         13.11 PRIOR EMPLOYMENT CONTRACT.This Agreement shall supercede and
replace any and all contracts for employment between Employer and Employee.

                                       13
<PAGE>

         IN WITNESS WHEREOF, Employer and Employee have caused these presents to
be executed as of the date first stated above.

                                            EMPLOYER:

                                            OGLETHORPE POWER CORPORATION
                                            (AN ELECTRIC MEMBERSHIP CORPORATION)

                                            By: /S/ J. CALVIN EARWOOD
                                               --------------------------
                                            Title: Chairman of the Board

                                            EMPLOYEE:

                                            THOMAS A. SMITH

                                            /S/ THOMAS A. SMITH
                                            ----------------------------

                                       14

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