Document:

QuickLinks
 -- Click here to rapidly navigate through this document

EXHIBIT 4.7.1(ii)  

This Instrument prepared by and

upon recording, please return to:

Cindy A. Upchurch, Esq.

Sutherland, Asbill & Brennan LLP

999 Peachtree Street, N.E.

Atlanta, Georgia 30309-3996  

PURSUANT TO §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  

THIRTY-FOURTH SUPPLEMENTAL

INDENTURE  

Relating to the

Amendment of Section 9.9 of the Original Indenture 

Dated
as of September 22, 2006 

NOTE TO THE CLERK OF SUPERIOR COURT AND TAX COMMISSIONER: THIS INSTRUMENT IS A MODIFICATION OF THE EXISTING INDENTURE. THIS INSTRUMENT DOES NOT INCREASE
THE PRINCIPAL BALANCE OF ANY OBLIGATION UNDER THE EXISTING INDENTURE, NOR DOES IT EXTEND THE MATURITY DATE OF ANY OBLIGATION UNDER THE EXISTING INDENTURE. PURSUANT TO O.C.G.A. §
48-6-65(a), NO ADDITIONAL INTANGIBLE TAX IS DUE UPON THE RECORDING OF THIS INSTRUMENT. ALL INTANGIBLE RECORDING TAXES DUE IN CONNECTION WITH ALL OBLIGATIONS SECURED BY THE
EXISTING INDENTURE HAVE PREVIOUSLY BEEN PAID.

 

        THIS THIRTY-FOURTH SUPPLEMENTAL INDENTURE, dated as of September 22, 2006, is between OGLETHORPE POWER
CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), formerly known as Oglethorpe Power Corporation (An Electric Membership Generation & Transmission 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 and not otherwise defined shall have the meanings assigned to them in the Original Indenture); 

        WHEREAS, the Original Indenture has heretofore been amended and supplemented by thirty-three Supplemental Indentures (the Original
Indenture, as heretofore, hereby and hereafter supplemented
and modified, hereinafter sometimes called the "Indenture"), and the Original Indenture and the thirty-three Supplemental Indentures have been recorded as set forth on Schedule 1 attached
hereto; 

        WHEREAS, the Company and the Trustee desire to amend Section 9.9 of the Original Indenture to remove the requirement that the
Trustee have its principal office in Atlanta, Georgia; 

        WHEREAS, the Company desires to execute and deliver this Thirty-Fourth Supplemental Indenture, in accordance with the provisions of the
Original Indenture, for the purpose of so amending Section 9.9 of the Original Indenture; 

        WHEREAS, Section 12.1 K of the Original Indenture provides that, without the consent of the Holders of any of the Obligations at
the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee, may enter into Supplemental Indentures, subject to the conditions set forth in said Section 12.1 K, to
make any change in the Indenture that, in the reasonable judgment of the Trustee, will not materially and adversely affect the rights of Holders; 

        WHEREAS, the Trustee has determined that the proposed amendment to Section 9.9 of the Original Indenture will not materially and
adversely affect the rights of Holders; and 

        WHEREAS, the execution and delivery of this Thirty-Fourth Supplemental Indenture has been in all respects duly authorized by the Company; 

        NOW, THEREFORE, THIS THIRTY-FOURTH SUPPLEMENTAL INDENTURE WITNESSETH, that, to amend Section 9.9 of the Original Indenture pursuant
to Section 12.1 K of the Original Indenture, the Company does hereby covenant and agree to and with the Trustee as follows: 

 
 

ARTICLE I    
    
    AMENDMENT OF ORIGINAL INDENTURE    
    

        Section 1.1    Amendment of Section 9.9 of the Original
Indenture.    Section 9.9 of the Original Indenture is hereby amended to remove the requirement that the Trustee shall have its principal office in Atlanta,
Georgia, such that Section 9.9, as amended, will read in its entirety as follows: 

There
shall at all times be a Trustee hereunder which (i) shall be a corporation organized and doing business under the laws of the United States of America or of the State of Georgia, which is
authorized under such laws to exercise corporate trust powers, and subject to supervision or examination by Federal, state, territorial or District of Columbia authority, and (ii) shall have a
combined capital and surplus of at least $50,000,000. If such corporation 

1

 

publishes
reports of condition at least annually, pursuant to law or to the requirements of such supervising or examining authority, then for the purposes of this Section, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. Neither the Company nor any Person directly or
indirectly controlling, controlled by or under common control with the Company shall serve as Trustee hereunder. If at any time the Trustee shall cease to be eligible in accordance with the provisions
of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

 
 

ARTICLE II    
    
    MISCELLANEOUS    
    

        Section 2.1    This Thirty-Fourth 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. 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. All capitalized terms used in this Thirty-Fourth 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    This Thirty-Fourth 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. 

[Signatures on Next Page.] 

2

 

        IN WITNESS WHEREOF, the parties hereto have caused this Thirty-Fourth 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
	

 	
 	

By:	

/s/  THOMAS A. SMITH      
 Thomas A. Smith

President and Chief Executive Officer
	

Signed, sealed and delivered

by the Company in the presence of:	
 	

Attest:	

/s/  PATRICIA N. NASH      
 Patricia N. Nash

Secretary
	/s/  ANNE F. APPLEBY      
 Witness	 	 	 
	

/s/  SHARON H. WRIGHT      
 Notary Public	
 	

[CORPORATE SEAL]
	

[NOTARIAL SEAL]	
 	

 	

 
	

My Commission expires: 10/14/07	
 	

 	

 

[Signatures Continued on Next Page.] 

3

 
[Signatures Continued from Previous Page.] 

	Trustee:	 	SUNTRUST BANK, as Trustee

a banking corporation organized and

existing under the laws of the State of

Georgia
	

 	
 	

By:	

/s/  B A DONALDSON      
 Name: B A Donaldson

Title: First Vice President
	

Signed, sealed and delivered

by the Trustee in the presence of:	
 	

 	

 
	

/s/  SHEILA WALLBRIDGE      
 Witness	
 	

By:	

/s/  GEORGE HOGAN      
 Name: George Hogan

Title: Vice President
	

/s/  SYRA I ARZU      
 Notary Public	
 	

[BANK SEAL]
	

[NOTARIAL SEAL]

	
 	

 	

 

My
Commission expires: 11/16/09 

4

 
 

Schedule 1    
    
    RECORDING INFORMATION
  FOR
            COUNTY, GEORGIA    

	DOCUMENT
 
	 	RECORDING

INFORMATION
	 	DATE OF

RECORDING

	Indenture	 	 	 	 
	First Supplemental Indenture	 	 	 	 
	Second Supplemental Indenture	 	 	 	 
	Third Supplemental Indenture	 	 	 	 
	Fourth Supplemental Indenture	 	 	 	 
	Fifth Supplemental Indenture	 	 	 	 
	Sixth Supplemental Indenture	 	 	 	 
	Seventh Supplemental Indenture	 	 	 	 
	Eighth Supplemental Indenture	 	 	 	 
	Ninth Supplemental Indenture	 	 	 	 
	Tenth Supplemental Indenture	 	 	 	 
	Eleventh Supplemental Indenture	 	 	 	 
	Twelfth Supplemental Indenture	 	 	 	 
	Thirteenth Supplemental Indenture	 	 	 	 
	Fourteenth Supplemental Indenture	 	 	 	 
	Fifteenth Supplemental Indenture	 	 	 	 
	Sixteenth Supplemental Indenture	 	 	 	 
	Seventeenth Supplemental Indenture	 	 	 	 
	Eighteenth Supplemental Indenture	 	 	 	 
	Nineteenth Supplemental Indenture	 	 	 	 
	Twentieth Supplemental Indenture	 	 	 	 
	Twenty-First Supplemental Indenture	 	 	 	 
	Twenty-Second Supplemental Indenture	 	 	 	 
	Twenty-Third Supplemental Indenture	 	 	 	 
	Twenty-Fourth Supplemental Indenture	 	 	 	 
	Twenty-Fifth Supplemental Indenture	 	 	 	 
	Twenty-Sixth Supplemental Indenture	 	 	 	 
	Twenty-Seventh Supplemental Indenture	 	 	 	 
	Twenty-Eighth Supplemental Indenture	 	 	 	 
	Twenty-Ninth Supplemental Indenture	 	 	 	 
	Thirtieth Supplemental Indenture	 	 	 	 
	Thirty-First Supplemental Indenture	 	 	 	 
	Thirty-Second Supplemental Indenture	 	 	 	 
	Thirty-Third Supplemental Indenture	 	 	 	 

QuickLinks

ARTICLE I AMENDMENT OF ORIGINAL INDENTURE

ARTICLE II MISCELLANEOUS

Schedule 1 RECORDING INFORMATION FOR COUNTY, GEORGIAQuickLinks
 -- Click here to rapidly navigate through this document

  
 

    EXHIBIT 4.7.1(jj)    
    

Upon recording, return to:

Ms. Shawne M. Keenan

Sutherland Asbill & Brennan LLP

999 Peachtree Street, N.E.

Atlanta, Georgia 30309-3996  

PURSUANT TO §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 

U.S. BANK NATIONAL ASSOCIATION,

TRUSTEE 

THIRTY-FIFTH SUPPLEMENTAL

INDENTURE  

Relating to the

Oglethorpe Power Corporation First Mortgage Bonds, Series 2006 

Dated
as of October 1, 2006 

FIRST MORTGAGE OBLIGATIONS 

 

NOTE TO THE CLERK OF THE SUPERIOR COURT AND TAX COMMISSIONER: BECAUSE THIS INSTRUMENT SECURES BONDS AND NOT A LONG TERM NOTE, THIS
INSTRUMENT IS EXEMPT FROM THE INTANGIBLES RECORDING TAX PURSUANT TO GEORGIA ADMINISTRATIVE CODE §560-11-8-.14(d).  

        THIS THIRTY-FIFTH SUPPLEMENTAL INDENTURE, dated as of October 1, 2006, is between OGLETHORPE POWER
CORPORATION (AN ELECTRIC MEMBERSHIP CORPORATION), formerly known as Oglethorpe Power Corporation (An Electric Membership Generation & Transmission Corporation), an
electric membership corporation organized and existing under the laws of the State of Georgia, as Grantor (hereinafter called the "Company"), and U.S. BANK NATIONAL
ASSOCIATION, a national banking association, as successor to SunTrust Bank, 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; 

        WHEREAS, the Company has heretofore executed and delivered to the Trustee thirty-four Supplemental Indentures (the Original
Indenture, as heretofore, hereby and hereafter supplemented and modified, being herein sometimes called the "Indenture"), and the Original Indenture and the thirty-four Supplemental
Indentures have been recorded as set forth on Schedule 1; 

        WHEREAS, the Board of Directors of the Company has established a new series of Additional Obligations to be designated the First Mortgage
Bonds, Series 2006, due January 1, 2035 in the principal amount of Three Hundred Million Dollars ($300,000,000) (the "Series 2006 Bonds") and the Company has complied or will
comply with all provisions required to issue Additional Obligations provided for in the Original Indenture; 

        WHEREAS, the Company desires to execute and deliver this Thirty-Fifth Supplemental Indenture, in accordance with the provisions of the
Original Indenture, for the purpose of providing for the creation and designation of the Series 2006 Bonds as Additional Obligations 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, 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, including
to create additional series of Obligations under the Indenture and to make provisions for such additional series of Obligations; 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 2006 Bonds, to make the Series 2006 Bonds 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 2006 Bonds, in accordance with its terms, have been done and taken; and the execution and delivery of this Thirty-Fifth Supplemental Indenture has been in all respects duly
authorized by the Company; 

        NOW, THEREFORE, THIS THIRTY-FIFTH 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 authenticated and delivered, the Series 2006 Bonds, 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 2006 Bonds are 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, whether now owned or hereafter acquired, of the character described in the
Granting Clauses of the Original Indenture, wherever located, including all 

 

such
property, rights, privileges and franchises acquired since the date of execution of the Original Indenture, 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 a 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 by the Indenture, 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 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 

2

 

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 THIRTY-FIFTH 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 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 contained in the Indenture in a timely manner, then the Indenture shall be canceled and surrendered. 

        AND IT IS HEREBY COVENANTED AND DECLARED that the Series 2006 Bonds are 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  

 DEFINITIONS  

Section 1.1    Definitions.    

        All
words and phrases defined in Article I of the Original Indenture shall have the same meaning in this Thirty-Fifth Supplemental Indenture, except as otherwise appears herein,
in this Article I or unless the
context clearly requires otherwise. In addition, the following terms have the following meaning in this Thirty-Fifth Supplemental Indenture unless the context clearly requires otherwise. 

        "Closing Date" means October 12, 2006. 

        "Interest Payment Date" means January 1 and July 1 of each year, commencing on January 1, 2007. 

        "Record Date" means the 15th day (whether or not a Business Day) of the calendar month immediately preceding an Interest Payment Date. 

        "Securities Depository" means The Depository Trust Company and its successors and assigns or any other securities depository selected by
the Company which agrees to follow the procedures required to be followed by such securities depository in connection with the Series 2006 Bonds. 

ARTICLE II  

 THE SERIES 2006 BONDS AND

CERTAIN PROVISIONS RELATING THERETO  

Section 2.1    Terms of the Series 2006 Bonds.    

        There
shall be established a series of Additional Obligations known as and entitled the "First Mortgage Bonds, Series 2006" (hereinafter referred to as the "Series 2006
Bonds"). 

        The
aggregate principal amount of the Series 2006 Bonds which may be authenticated and delivered and Outstanding at any one time is limited to Three Hundred Million Dollars
($300,000,000). The Series 2006 Bonds shall consist of $300,000,000 principal amount of Bonds, due January 1, 2035. 

3

 

        The
Series 2006 Bonds shall bear interest from their date of issuance, payable semi-annually on January 1 and July 1 of each year, commencing on
January 1, 2007, at the rate of 5.534%. The principal and the Redemption Price of, and interest on, the Series 2006 Bonds shall be paid to the Person in whose name that Obligation (or
one or more Predecessor Obligations) is registered at the close of business on the Record Date applicable to such Interest Payment Date or Redemption Date. Interest on the Series 2006 Bonds
shall be computed on the basis of a 360-day year of twelve 30-day months. The Series 2006 Bonds shall be dated the date of authentication. 

        The
Series 2006 Bonds shall be issued as fully registered bonds without coupons and in denominations of $100,000 or any integral multiple thereof. The Series 2006 Bonds
shall be registered in the name of Cede & Co., as nominee of the Securities Depository, pursuant to the Securities Depository's Book-Entry System. Purchases of beneficial interests
in the Series 2006 Bonds shall be made in book-entry form, without certificates. If at any time the Book-Entry System is discontinued for the Series 2006 Bonds,
the Series 2006 Bonds shall be exchangeable for other fully registered certificated Series 2006 Bonds of the same series in any authorized denominations, maturity and interest rate. The
Trustee may impose a charge sufficient to reimburse the Company or the Trustee for any tax, fee or other governmental charge required to be paid with respect to such exchange or any transfer of a
Series 2006 Bond. The cost, if any, of preparing each new Series 2006 Bond issued upon such exchange or transfer, and any other expenses of the Company or the Trustee incurred in
connection therewith, shall be paid by the person requesting such exchange or transfer. 

        Interest
on the Series 2006 Bonds shall be payable by check mailed to the registered owners thereof. However, interest on the Series 2006 Bonds shall be paid to any owner
of $1,000,000 or more in aggregate principal amount of the Series 2006 Bonds by wire transfer to a wire transfer address within the continental United States upon the written request of such
owner received by the Trustee not less than five days prior to the Record Date. As long as the Series 2006 Bonds are registered in the name of Cede & Co., as nominee of the Securities
Depository, such payments shall be made directly to the Securities Depository. 

Section 2.2    Sinking Fund Redemption.    

        (a)   The Series 2006 Bonds will be redeemed, on a pro rata basis in multiples of $100,000, through the operation of a
mandatory sinking fund, commencing on January 1, 2031, and continuing on January 1 in each year afterwards to, and including, January 1, 2034, upon not less than 30 nor more than
60 days' notice mailed to each Holder of Series 2006 Bonds being redeemed at the Holder's registered address, except as otherwise required by the procedures of the Securities Depository.
The sinking fund redemption price will be equal to 100% of the principal amount of the Series 2006 Bonds being redeemed plus accrued interest to the Redemption Date, including interest due on
an Interest Payment Date that is on, or prior to, the Redemption Date. The principal amount of the Series 2006 Bonds being redeemed and the Redemption Dates, as well as the principal amount
payable on the maturity date, are set forth below. 

	Date
 
	 	Amount

	January 1, 2031	 	$	60,000,000
	January 1, 2032	 	$	60,000,000
	January 1, 2033	 	$	60,000,000
	January 1, 2034	 	$	60,000,000
	January 1, 2035(1)	 	$	60,000,000

	(1)
	The
final maturity date of the Series 2006 Bonds. 

        (b)   The Series 2006 Bonds that the Company acquires and surrenders for cancellation or redeems (other than by means of
sinking fund redemptions) will be credited against future sinking fund 

4

 

payments
for such Bonds and the principal payment to be made on the maturity date of such Series 2006 Bonds, in proportion to the respective amounts of those sinking fund and principal
payments, subject to authorized denominations. 

Section 2.3    Make Whole Redemption.    

        (a)   The Company may redeem the Series 2006 Bonds, in whole or in part, on any date prior to their stated maturity, at
its option. The Company must give at least 30 days, but not more than 60 days, prior notice of redemption mailed to the registered address of each Holder of Bonds being redeemed except
as otherwise required by the procedures of the Securities Depository. The Redemption Price for the Bonds will be equal to the greater of: 

	•
	100%
of the principal amount of the Series 2006 Bonds being redeemed plus interest accrued through the Redemption Date but not yet due and payable; and

	•
	the
sum of the present values of the remaining principal and interest payments on the Series 2006 Bonds being redeemed, discounted on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of (1) the yield to maturity of the U.S. Treasury security having a life equal to
the remaining average life of the maturity of Series 2006 Bonds being redeemed and trading in the secondary market at the price closest to par, and (2) 12.5 basis points; 

plus,
in either case, interest due and payable but unpaid on the Series 2006 Bonds being redeemed. 

        (b)   If there is no U.S. Treasury security having a life equal to the remaining average life of the Series 2006 Bonds
being redeemed, the discount rate will be calculated using a yield to maturity determined on a straight-line basis (rounding to the nearest calendar month, if necessary) from the average
yield to maturity of two U.S. Treasury securities having lives most closely corresponding to the remaining average life of the Series 2006 Bonds being redeemed and trading in the secondary
market at the price closest to par. 

        (c)   If less than all of the Outstanding Series 2006 Bonds are to be redeemed, the Series 2006 Bonds to be
redeemed will be selected by the Trustee in any method it deems fair and appropriate and the portion of the Bonds not so redeemed will be in multiples of $100,000. 

        (d)   If the Company gives notice of the optional redemption of the Series 2006 Bonds but the Trustee does not have
enough designated funds on deposit to pay the full Redemption Price of the Series 2006 Bonds to be redeemed, those Bonds will remain Outstanding as though no redemption notice had been given.
The failure of the Trustee to have sufficient designated funds to effect the redemption will not constitute a payment or other default by the Company under the Indenture and the Company will not be
liable to any Holder of those Series 2006 Bonds as a result of the failed redemption. If the Trustee has enough designated funds on deposit to effect a redemption at the time the Company gives
notice of the redemption, then the Company is obligated to redeem the Series 2006 Bonds as provided in that notice. 

        Section 2.4    Form Of The Series 2006 Bonds.    The Series 2006 Bonds
and the Trustee's authentication certificate to be executed on the Series 2006 Bonds shall be substantially in the form of Exhibit A attached hereto, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted in the Original Indenture.

        Section 2.5    Use Of Proceeds.    The Company expects the proceeds of this
offering of
the Series 2006 Bonds, net of underwriting discounts and offering expenses, including the premium to FGIC (as defined below) to be approximately $293,765,229.46. The Company will use the net
proceeds of this offering to finance a portion of the costs of capital improvements to certain of its owned and leased generation facilities and for other general purposes. 

5

 

        Section 2.6    FGIC Designated Credit Enhancer.    Financial Guaranty Insurance
Company
("FGIC"), a New York stock insurance company, or any successor thereto, is hereby designated the Credit Enhancer with respect to the Series 2006 Bonds. 

        Section 2.7    Consent Of FGIC To Amendments To the Indenture.    If the surety
bond
issued by FGIC insuring the payment when due of the principal of, and interest on, the Series 2006 Bonds as provided therein (the "Surety Bond") is in effect and FGIC is not in breach of any of
the provisions thereof, any provision of the Indenture expressly recognizing or granting rights in, or to, FGIC may not be amended in any manner which affects the rights of FGIC hereunder without the
prior written consent of FGIC. 

        Section 2.8    FGIC To Be Subrogated To Rights Of Holders.    Notwithstanding
anything
herein to the contrary, in the event that the principal or interest due on the Series 2006 Bonds shall be paid by FGIC pursuant to the Surety Bond, the Series 2006 Bonds shall remain
Outstanding for all purposes of the Indenture, not be defeased or otherwise satisfied and not be considered paid by the Company, and the obligations of the Company to the Holders of Series 2006
Bonds shall continue to exist and shall run to the benefit of FGIC, and FGIC shall be subrogated to the rights of such Holders. 

        Section 2.9    Trustee Notification Of Failure To Deliver Notices By the Company; Other Actions by
Trustee.    The Trustee shall notify FGIC of any failure of the Company to provide any notices, certificates or other documents required to be provided to the Trustee
pursuant to the terms of the Indenture. The Trustee shall also (i) permit FGIC to have access to, and to make copies of, all books and records relating to the Series 2006 Bonds at any
reasonable time and upon reasonable notice, (ii) provide to FGIC a copy of any notice to be given to the registered Holders, including, without limitation, notice of any redemption of or
defeasance of the Series 2006 Bonds and any certificate rendered pursuant to the Indenture relating to the security for the Series 2006 Bonds, and (iii) provide to FGIC such
additional information it may reasonably request from time to time. Notwithstanding any other provision of the Indenture, in determining whether the rights of the Holders will be adversely affected by
any action
taken pursuant to the terms and provisions of the Indenture, the Trustee shall consider the effect on the Holders as if there were no Surety Bond. 

        Section 2.10    Trustee To Notify FGIC Of Events Of Default.    The Trustee
shall
immediately notify FGIC upon the occurrence of any Event of Default of which it has notice. 

        Section 2.11    Payment Procedure Pursuant To The Surety Bond.    If the Surety
Bond
shall be in full force and effect, the Trustee and the co-paying agent (if any) agree to comply with the following provisions: 

        (a)   On the Interest Payment Dates, the Trustee or co-paying agent, if any, will determine whether there will be
sufficient funds to pay the principal of or interest on the applicable Series 2006 Bonds on such Interest Payment Date. If the Trustee or co-paying agent, if any, determines that
there will be insufficient funds, the Trustee or co-paying agent, if any, shall so notify FGIC. Such notice shall specify the amount of the anticipated deficiency, the Series 2006
Bonds to which such deficiency is applicable and whether such Series 2006 Bonds will be deficient as to principal or interest, or both. If there is such a deficiency but the Trustee or
co-paying agent, if any, has not so notified FGIC on an Interest Payment Date (but does do so on a later date), FGIC will make payments of principal or interest due on the
Series 2006 Bonds on or before the first Business Day next following the date on which FGIC shall have received notice of nonpayment from the Trustee or co-paying agent, if any, or
from the Holder of a Series 2006 Bond. 

        (b)   After notice has been given to FGIC as provided in (a) above, the Trustee or co-paying agent shall
make available to FGIC and, at FGIC's direction, to U.S. Bank Trust National Association, or its successors as its agent (the "Fiscal Agent"), the registration books of the 

6

 

Company
maintained by the Obligation Registrar and all records relating to payments on the Series 2006 Bonds maintained under the Indenture. 

        (c)   The Trustee or co-paying agent, if any, shall provide FGIC and the Fiscal Agent with a list of registered
Holders entitled to receive principal or interest payments from FGIC under the terms of the Surety Bond, and shall make arrangements with the Fiscal Agent (i) to mail checks or drafts to the
registered Holders entitled to receive full or partial interest payments from FGIC and (ii) to pay principal upon Series 2006 Bonds surrendered to the Fiscal Agent by the registered
Holders entitled to receive full or partial principal payments from FGIC. 

        (d)   The Trustee or co-paying agent, if any, shall, at the time it provides FGIC and the Fiscal Agent with a list
of registered Holders pursuant to (c) above, notify registered Holders entitled to receive the payment of principal or interest thereon from FGIC (i) as to the fact of such entitlement,
(ii) that FGIC will remit to each registered Holder all or a part of the interest payments next coming due upon proof of such Holder's entitlement to interest payments and delivery to the
Fiscal Agent, in form satisfactory to the Fiscal Agent, of an appropriate assignment of such Holder's right to payment, (iii) that should a Registered Holder be entitled to receive full payment
of principal from FGIC, it must surrender its Series 2006 Bonds (along with an appropriate instrument of assignment in form satisfactory to the Fiscal Agent to permit ownership of such
Series 2006 Bonds to be registered in the name of FGIC) for payment to the Fiscal Agent, and not the Trustee or co-paying agent, if any, and (iv) that should a Registered
Holder be entitled to receive partial payment of principal from FGIC, it must surrender its Series 2006 Bonds for payment thereon first to the Trustee or co-paying agent, if any,
who shall note on such Series 2006 Bonds the portion of the principal paid by the Trustee or co-paying agent, if any, and then, along with an appropriate instrument of assignment in
form satisfactory to the Fiscal Agent, to the Fiscal Agent, which will then pay the unpaid portion of principal. 

        (e)   In the event that the Trustee or co-paying agent, if any, has notice that any payment of principal of or
interest on any Series 2006 Bond which has become due for payment and which is made to a Holder by or on behalf of the Company has been deemed a preferential transfer and theretofore recovered
from such Holder pursuant to the United States Bankruptcy Code by a trustee in bankruptcy in accordance with the final, nonappealable order of a court having jurisdiction, the Trustee or
co-paying agent, if any, shall, at the time FGIC is notified pursuant to (a) above, notify all Holders that in the event that any Holder's payment is so recovered, such Holder will
be entitled to payment from FGIC to the extent of such recovery if sufficient funds are not otherwise available, and the Trustee or co-paying agent, if any, shall furnish to FGIC its
records evidencing the payments of principal of and interest on the Series 2006 Bonds which have been made by the Trustee or co-paying agent, if any, and subsequently recovered from
Holders and the dates on which such payments were made. 

        (f)    In addition to those rights granted FGIC under this Thirty-Fifth Supplemental Indenture, FGIC shall, to the extent it
makes payment of principal of or interest on Series 2006 Bonds, become subrogated to the rights of the recipients of such payments in accordance with the terms of the Surety Bond, and to
evidence such subrogation (i) in the case of subrogation as to claims for past due interest, the Trustee or co-paying agent, if any, shall note FGIC's rights as subrogee on the
registration books of the Company maintained by the Obligation Registrar upon receipt from FGIC of proof of the payment of interest thereon to the registered Holders of the Series 2006 Bonds,
and (ii) in the case of subrogation as to claims for past due principal, the Trustee or co-paying agent, if any, shall note FGIC's rights as subrogee on the registration books of
the Company maintained by the Obligation Registrar upon surrender of the Series 2006 Bonds by the registered Holders thereof with proof of the payment of principal thereof. 

7

 

        Section 2.12    FGIC As Third Party Beneficiary.    To the extent that this
Thirty-Fifth Supplemental Indenture confers upon or gives or grants to FGIC any right, remedy or claim under or by reason of this Thirty-Fifth Supplemental Indenture, FGIC is hereby explicitly
recognized as being a third-party beneficiary hereunder and may enforce any such right, remedy or claim conferred, given or granted hereunder. 

        Section 2.13    Covenants of the Company to FGIC.    The Company will deliver to
FGIC: 

        (a)   As soon as reasonably available and in any event within 120 days after the end of each fiscal year, a copy of its
annual financial statements prepared in accordance with Accounting Requirements consistently applied and audited by independent certified public accountants, including a balance sheet of the Company
as of the end of such fiscal year and related statements of operations, changes in equity and cash flows for the fiscal year then ended; 

        (b)   As soon as reasonably available and in any event within 60 days after the end of each quarterly period of each
fiscal year, a copy of its balance sheet as of the end of such quarterly period and related statements of operations, changes in equity and cash flows for the quarterly period then ended, which
balance sheet and related statements may be internal statements and need not be audited by independent certified public accountants; 

        (c)   Promptly upon distribution thereof, copies of each revision to the final offering circular dated October 4, 2006;
and 

        (d)   Promptly after the Company receives notification thereof, notice of the downgrading by any rating agency of the Company's
underlying public rating or the underlying rating on the Series 2006 Bonds to "non-investment grade." 

        (e)   Upon written request of FGIC, any other financial information reasonably requested. 

ARTICLE III  

 MISCELLANEOUS  

        Section 3.1    Supplemental Indenture.    This Thirty-Fifth 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 2006 Bonds 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. All capitalized terms used in this Thirty-Fifth Supplemental
Indenture shall have the same meanings assigned to them in the Original Indenture, except in cases where the context clearly indicates otherwise. 

        Section 3.2    Recitals.    All recitals in this Thirty-Fifth 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 3.3    Successors and Assigns.    Whenever in this Thirty-Fifth
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 Thirty-Fifth 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. 

8

 

        Section 3.4    No Rights, Remedies, Etc.    Nothing in this Thirty-Fifth
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 Thirty-Fifth Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the
covenants, conditions, stipulations, promises and agreements in this Thirty-Fifth 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 3.5    Counterparts.    This Thirty-Fifth 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 3.6    Security Agreement; Mailing Address.    To the extent permitted
by
applicable law, this Thirty-Fifth 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, 

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

U.S.
Bank National Association

Attention: Corporate Trust Services

1349 West Peachtree Street, NW

Suite 1050, Two Midtown Plaza

Atlanta, Georgia 30309 

and
the mailing address of FGIC, as Credit Enhancer, is: 

Financial
Guaranty Insurance Company

Attention: Risk Management

125 Park Avenue

New York, New York 10017 

and
the mailing address of U.S. Bank Trust National Association, as Fiscal Agent, is: 

U.S.
Bank Trust National Association

Attention: Corporate Trust Department

100 Wall Street

19th Floor

New York, New York 10005 

[Signatures
on Next Page] 

9

        IN WITNESS WHEREOF, the parties hereto have caused this Thirty-Fifth 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
	

 	
 	

By:	
 	

/s/  THOMAS A. SMITH      
 Thomas A. Smith

President and Chief Executive Officer
	

Signed, sealed and delivered

by the Company in the presence of:	
 	

Attest:	
 	

/s/  PATRICIA N. NASH      
 Patricia N. Nash

Secretary
	

/s/  THOMAS J. BRENDIAR      
 Witness	
 	

[CORPORATE SEAL]
	

/s/  VICKI B. JACKSON      
 Notary Public	
 	

 	
 	

 	
 	

 
	

(Notarial Seal)	
 	

 	
 	

 	
 	

 
	

My commission expires:        2/6/07	
 	

 	
 	

 	
 	

 
	 	 	 	 	 	 	 

	

[Signatures Continued from Previous Page]
	 	
Trustee:	
 	

U.S. BANK NATIONAL ASSOCIATION, a national banking association
	

 	
 	

By:	
 	

/s/  B A DONALDSON      

	Signed and delivered

by the Trustee in the

Presence of:	 	 	 	Authorized Agent
	

/s/  GEORGE HOGAN      
 Witness	
 	

 	
 	

 	
 	

 
	

/s/  SYRA I ARZU      
 Notary Public	
 	

 	
 	

 	
 	

 
	

(Notarial Seal)	
 	

 	
 	

 	
 	

 
	

My commission expires:        11/16/09	
 	

 	
 	

 	
 	

 

   Exhibit A  

FORM OF BOND

AND

TRUSTEE'S CERTIFICATE OF AUTHENTICATION  

        THIS SERIES 2006 BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE SOLD OR
OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS SERIES 2006 BOND IS HEREBY NOTIFIED THAT THE SELLER OF THIS SERIES 2006 BOND MAY
BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

        THIS SERIES 2006 BOND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO A PERSON WHO THE TRANSFEROR REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT ACQUIRING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (3) TO AN INSTITUTIONAL INVESTOR THAT
IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT (IF AVAILABLE), OR (4) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED
STATES.

        THIS SERIES 2006 BOND AND ANY RELATED DOCUMENTATION MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME TO MODIFY THE RESTRICTIONS ON RESALES AND OTHER TRANSFERS OF
THIS SERIES 2006 BOND TO REFLECT ANY CHANGE IN APPLICABLE LAW OR REGULATION (OR THE INTERPRETATION THEREOF) OR IN PRACTICES RELATING TO THE RESALE OR TRANSFER OF RESTRICTED SECURITIES GENERALLY. THE
HOLDER OF THIS SERIES 2006 BOND SHALL BE DEEMED BY THE ACCEPTANCE OF THIS SERIES 2006 BOND TO HAVE AGREED TO ANY SUCH AMENDMENT OR SUPPLEMENT.

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

A-1

 

	No. R-1	 	$300,000,000

OGLETHORPE POWER CORPORATION, FIRST MORTGAGE BOND,

SERIES 2006, DUE 2035  

REGISTERED
OWNER: CEDE & CO.

PRINCIPAL AMOUNT: THREE HUNDRED MILLION DOLLARS

ISSUANCE DATE: OCTOBER 12, 2006

CUSIP NO.: 

        Oglethorpe
Power Corporation (An Electric Membership Corporation), an electric membership corporation existing under the laws of the State of Georgia (together with any successors and
assigns, "Oglethorpe"), for value received hereby promises to pay to the registered owner named above or registered assigns, on January 1, 2035 upon the presentation and surrender of this First
Mortgage Bond, 5.534% Series 2006 due January 1, 2035, (this "Series 2006 Bond") the principal amount (upon original issuance) of $300,000,000, issued under the Indenture dated as
of March 1, 1997, as supplemented (the
"Indenture") between Oglethorpe, formerly known as Oglethorpe Power Corporation (An Electric Membership Generation & Transmission Corporation) and U.S. Bank National Association, as successor
to SunTrust Bank, as trustee (the "Trustee"). 

        Oglethorpe
shall pay the principal sum set forth above and pay interest on said principal sum from the date hereof until payment of said principal sum has been made or duly provided for,
semi-annually at the interest rate of 5.534%. The principal of, and interest on, this Series 2006 Bond are payable at the principal corporate trust office of the Trustee, or of its
successor as Trustee, or, at the option of the owner of this Series 2006 Bond, at the principal office of any co-paying agent appointed in accordance with the Indenture; provided,
however, that, subject to the next succeeding paragraph, interest may be payable, at the option of the Trustee, by check or draft drawn upon the Trustee and mailed to the registered address of the
registered owner of this Series 2006 Bond as of the close of business on the applicable Record Date (as defined below), or, at the written request of the registered owner of Series 2006
Bonds in an aggregate principal amount greater than or equal to $1,000,000 delivered to the Trustee at least five days prior to the Record Date next preceding such payment date, by wire transfer to a
wire transfer address in the United States as set forth in such request. Payment of the principal of and interest on this Series 2006 Bond shall be in any coin or currency of the United States
of America as, at the respective times of payment, shall be legal tender for the payment of public and private debts. 

        Notwithstanding
any other provision of this Series 2006 Bond to the contrary, so long as this Series 2006 Bond shall be registered on books of Oglethorpe kept by the
Obligation Registrar (as defined in the Indenture) in the name of The Depository Trust Company, a New York Corporation ("DTC"), its nominee, the provisions of the Indenture governing the
Book-Entry System (as defined in the Indenture) shall govern the manner of payment of the principal of, and interest on, this Series 2006 Bond. 

        The
Series 2006 Bonds are equally and ratably secured, to the extent provided in the Indenture, by the Trust Estate, except and excluding the Excepted Property and the Excludable
Property. 

        Reference
is hereby made to the Indenture, a copy of which is on file with the Trustee, for the provisions, among others, with respect to the nature and extent of the rights, duties and
obligations of Oglethorpe, the Trustee and the owner of this Series 2006 Bond, the terms upon which this Series 2006 Bond is issued and secured, and the modification or amendment of the
Indenture, to all of which the registered owner of this Series 2006 A Bond assents by the acceptance of this Series 2006 Bond. 

        This
Series 2006 Bond is transferable, as provided in the Indenture, only upon the registration books of Oglethorpe maintained by the Obligation Registrar, which shall be the
Trustee, kept at its 

A-2

 

principal
office, upon presentation at said office of this Series 2006 Bond with the written request of the registered owner hereof or his attorney duly authorized in writing, and a written
instrument of transfer satisfactory to the Obligation Registrar duly executed by the registered owner or his duly authorized attorney. The Obligation Registrar shall not be obliged to (i) make
any exchange or transfer of this Series 2006 Bond during the period beginning at the opening of business fifteen days next preceding the date of the mailing of the notice of redemption of the
Series 2006 Bonds or (ii) register the transfer of or exchange of any Series 2006 Bond so selected for redemption in whole or in part, except the unredeemed portion of a
Series 2006 Bond being redeemed in part. 

        The
Series 2006 Bonds are issuable in the form of fully registered Series 2006 Bonds without coupons in the denomination of $100,000 each or any integral multiple thereof.
Upon payment of any required tax or other governmental charge and, subject to such conditions, the Series 2006 Bonds, upon the surrender thereof at the principal office of the Obligation
Registrar, with a written instrument of transfer satisfactory to the Obligation Registrar, duly executed by the registered owner or his duly authorized attorney, may, at the option of the registered
owner thereof, be exchanged for an equal aggregate principal amount of Series 2006 Bonds of the same interest rate and in any other authorized denominations. 

        This
Series 2006 Bond shall bear interest at 5.534% from, and including, the date hereof to, but excluding, January 1, 2035. Interest shall be payable on January 1
and July 1 of each year prior to the maturity date of the Series A Bonds, commencing on January 1, 2007. 

        Sinking Fund Redemption:    The Series 2006 Bonds will be redeemed, on a pro rata basis in
$100,000 denominations, through the operation of a mandatory sinking fund, commencing on January 1, 2031 and continuing on January 1 in each year thereafter to, and including,
January 1, 2034, at a Redemption Price (as defined in the Indenture) equal to 100% of the principal amount of the Series 2006 Bonds redeemed plus accrued interest to the Redemption Date
(as defined in the Indenture), including interest due on an Interest Payment Date that is on or prior to the Redemption Date. The principal amount of the Series 2006 Bonds being redeemed and
the Redemption Dates, as well as the principal amount payable on the maturity date, are set forth below. 

	Date
 
	 	Amount

	January 1, 2031	 	$	60,000,000
	January 1, 2032	 	$	60,000,000
	January 1, 2033	 	$	60,000,000
	January 1, 2034	 	$	60,000,000
	January 1, 2035(1)	 	$	60,000,000

	(1)
	The
final maturity date of the Series 2006 Bonds. 

        Make-Whole Redemption:    Oglethorpe may redeem the Series 2006 Bonds, in whole or in
part, on any date prior to their maturity, at its option. The Redemption Price for the Series 2006 Bonds will be equal to the greater of: 

	•
	100%
of the principal amount of the Series 2006 Bonds being redeemed plus interest accrued through the Redemption Date but not yet due and payable; and

	•
	the
sum of the present values of the remaining principal and interest payments on the bonds being redeemed, discounted on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at a rate equal to the sum of (1) the yield to maturity of the U.S. Treasury security having a life equal to the
remaining average life of the maturity of bonds being redeemed and trading in the secondary market at the price closest to par, and (2) 12.5 basis points; 

A-3

 

plus,
in either case, interest due and payable but unpaid on the Series 2006 Bonds being redeemed. 

        If
there is no U.S. Treasury security having a life equal to the remaining average life of the bonds being redeemed, the discount rate will be calculated using a yield to maturity
determined on a straight-line basis (rounding to the nearest calendar month, if necessary) from the average yield to maturity of two U.S. Treasury securities having lives most closely
corresponding to the remaining average life of the bonds being redeemed and trading in the secondary market at the price closest to par. 

        The
registered owner of this Series 2006 Bond shall have no right to enforce the provisions of the Indenture, or to institute action to enforce the covenants therein, or to take
any action with respect to any default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture. 

        All
acts, conditions and things required by the Constitution and statutes of the State of Georgia, the governing rules and procedures of Oglethorpe and the Indenture to exist, to have
happened and to have been performed precedent to and in the issuance of this Series 2006 Bond, do exist, have happened and have been performed. 

        No
covenant or agreement contained in this Series 2006 Bond, the Indenture or the Thirty-Fifth Supplemental Indenture shall be deemed to be a covenant or agreement of any
official, officer, agent or employee of Oglethorpe in his individual capacity, and no officer of Oglethorpe executing this Series 2006 Bond shall be liable personally on this Series 2006
Bond or be subject to any personal liability or accountability by reason of the issuance of this Series 2006 Bond. 

        Financial
Guaranty Insurance Company, a New York stock insurance company, or any successor thereto, has been designated the Credit Enhancer with respect to the Series 2006 Bonds. 

        This
Series 2006 Bond shall not be entitled to any benefit under the Indenture or be valid until this Series 2006 Bond shall have been authenticated by the execution by the
Trustee, or its successor as Trustee, of the Certificate of Authentication inscribed hereon. 

[Remainder
of page intentionally left blank.] 

A-4

 

        IN WITNESS WHEREOF, Oglethorpe has caused this Series 2006 Bond 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	 	 	 

A-5

 

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

	 	 	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	

 	

 	

 	

By:	

 
	 	 	 	 	

	 	 	 	 	Authorized Agent
	Date of Authentication:	 	 	 	 
	 	
	 	 	 

A-6

 

        SURETY BOND NO. 06010411 (THE "SURETY BOND") WITH RESPECT TO PAYMENTS DUE FOR PRINCIPAL OF AND INTEREST ON THIS BOND HAS BEEN ISSUED BY FINANCIAL GUARANTY
INSURANCE COMPANY ("FGIC"). THE SURETY BOND HAS BEEN DELIVERED TO U.S. BANK TRUST NATIONAL ASSOCIATION, AS THE FISCAL AGENT UNDER SAID SURETY BOND, AND WILL BE HELD BY SUCH FISCAL AGENT OR ANY
SUCCESSOR FISCAL AGENT. THE SURETY BOND IS ON FILE AND AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICE OF THE FISCAL AGENT AND A COPY THEREOF MAY BE SECURED FROM FGIC OR THE FISCAL AGENT. ALL
PAYMENTS REQUIRED TO BE MADE UNDER THE SURETY BOND SHALL BE MADE IN ACCORDANCE WITH THE PROVISIONS THEREOF. THE OWNER OF THIS BOND ACKNOWLEDGES AND CONSENTS TO THE SUBROGATION RIGHTS OF FGIC AS MORE
FULLY SET FORTH IN THE SURETY BOND.

A-7

Schedule 1  

RECORDING INFORMATION

FOR

                        COUNTY, GEORGIA  

	Document
 
	 	Recording

Information
	 	Date of

Recording

	Original Indenture	 	 	 	 
	First Supplemental Indenture	 	 	 	 
	Second Supplemental Indenture	 	 	 	 
	Third Supplemental Indenture	 	 	 	 
	Fourth Supplemental Indenture	 	 	 	 
	Fifth Supplemental Indenture	 	 	 	 
	Sixth Supplemental Indenture	 	 	 	 
	Seventh Supplemental Indenture	 	 	 	 
	Eighth Supplemental Indenture	 	 	 	 
	Ninth Supplemental Indenture	 	 	 	 
	Tenth Supplemental Indenture	 	 	 	 
	Eleventh Supplemental Indenture	 	 	 	 
	Twelfth Supplemental Indenture	 	 	 	 
	Thirteenth Supplemental Indenture	 	 	 	 
	Fourteenth Supplemental Indenture	 	 	 	 
	Fifteenth Supplemental Indenture	 	 	 	 
	Sixteenth Supplemental Indenture	 	 	 	 
	Seventeenth Supplemental Indenture	 	 	 	 
	Eighteenth Supplemental Indenture	 	 	 	 
	Nineteenth Supplemental Indenture	 	 	 	 
	Twentieth Supplemental Indenture	 	 	 	 
	Twenty-First Supplemental Indenture	 	 	 	 
	Twenty-Second Supplemental Indenture	 	 	 	 
	Twenty-Third Supplemental Indenture	 	 	 	 
	Twenty-Fourth Supplemental Indenture	 	 	 	 
	Twenty-Fifth Supplemental Indenture	 	 	 	 
	Twenty-Sixth Supplemental Indenture	 	 	 	 
	Twenty-Seventh Supplemental Indenture	 	 	 	 
	Twenty-Eighth Supplemental Indenture	 	 	 	 
	Twenty-Ninth Supplemental Indenture	 	 	 	 
	Thirtieth Supplemental Indenture	 	 	 	 
	Thirty-First Supplemental Indenture	 	 	 	 
	Thirty-Second Supplemental Indenture	 	 	 	 
	Thirty-Third Supplemental Indenture	 	 	 	 
	Thirty-Fourth Supplemental Indenture	 	To be recorded simultaneously with the Thirty-Fifth Supplemental Indenture	 	 

QuickLinks

EXHIBIT 4.7.1(jj)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]