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September 12, 2014

Utility Sale Means $48-Million Gift for Alaska Foundation

A utility executive's pledge last year to donate 90 percent of his shares in the company to the Juneau Community Foundation will yield about $48-million for the organization in Alaska's capital, the Juneau Empire reports. The foundation announced the estimated size of the gift Wednesday as the sale of Alaska Electric Light & Power to a Spokane, Wash., utility firm nears completion.

Bill Corbus, the owner and former president of the Juneau power provider, and his wife, Katie, made the stock promise in November 2013. Mr. Corbus said directing the funds to the community foundation "allows us to specify what organizations and programs we would like to support." The couple identified local social services, recreation activities, the performing arts, and civic infrastructure as principal causes.