Is there a place like Bard's Tale where you can buy spell points?

No, but you can rest anywhere. And I think there are wells that affect your spell points in a positive way.

In Bard's Tale 1 and 2 you could recharge spell points for a fee at Roscoe's Energy Emporium.

Thanks, I'll have to add that to my list.

To clarify for the OP, there is no location to buy spell points in MM2, as PetrusOctavianus said. Spell points are regenerated by resting, which can be done in most places, but will consume 1 unit of food per person. If there is no food left, resting will provide no benefit; refill food by visiting a tavern.

Maximum spell points are determined by a character's level, and I think also by their intelligence stat. Actually for MM2 I think that Intelligence determines spell points for sorcerer spells (so for sorcerers and archers) and Personality determines spell points for priest spells (so for priests and paladins), but I'd have to check the manual again to be sure.

Stats are determined at character creation and do not rise with level, but they can be raised at certain special locaitons. In MM2 they can be raised to VERY high values so don't worry too much about the starting values.

You are right about intel and personality for spell points. You can raise their stats with a few magic items you find.

Certain items will boost stats when equipped, but there are also ways to permanently raise the base stats.

(disclaimer: this is from memory, so it might be off a bit -- but it's close enough you'll be able to figure it out)

If you have pathfinding (the ability to go through forests) then a great stop for low-level spell-casters would the magic fount near the tundra.

From Middlegate, you go north up the road. When the road splits to go to Tundara, keep going north. You'll see some little paths like this:

(R=road)
######R
#OOOO R
#OO###R
#OO###R
######R
######R
#OOOO R
#OO###R
#OO###R
######R
######R

You want the second one. Your path is marked by X's. Go through the woods, not the open grass or you'll be in some tough battles.

######R
#OOOO R
#OO###R
#XXXXXXX
######X
######X
#OOOO X
#OO###X
#OO###X
######X
######X

Face south and you'll be given the option to drink something. If you do it, everyone gets 200/200 spell points until your next rest. That will often be enough to get a lot of spells off.

Don't forget to stock up on gems for gem-using spells. You'll go through them a lot. The Gem Coast (west of the Druid's area) is a great place to gather them.

edit: modified the map. O's are grassland..

Face south and you'll be given the option to drink something. If you do it, everyone gets 200/200 spell points until your next rest. That will often be enough to get a lot of spells off.

Thanks. I take it 200 spell points even if you have a lower amount as max.

That's right. But also, 200 even if you have a higher max. So you'll get good use out of it until you eventually get some high level hirelings and your characters get to a really high level.

I was already in Tundara and went out of the town to look for it. No luck. Is the only way to find it is to walk from Middlegate?