INGLEWOOD (CBSLA.com) — The Calif. Legislature approved a $55 million emergency bailout bill Friday to keep the Inglewood School District afloat.

The plan includes a $29 million emergency loan and another $26 million in lease funding through a state developmental bank.

If the bill is signed into law by Gov. Jerry Brown, a state appointed administrator would run the mismanaged school district. The school board would then act as an advisory body.

According to the bill’s author, the problem for Inglewood schools could be traced back to a 35 percent drop in enrollment.

Many students left district schools for charter schools, among other issues.

Parents of Inglewood High School students are glad something was done to make sure their kids are able to continue their education.

“I think it’s very important students get a good education and any money allocated to that is vital,” said Ivonne Sedno.

Parent John Edwards said teachers deserve the money, as well.

“Teachers put in a lot of work and a lot of time. Providing them the support with the extra money is not a loss,” he said.

The Inglewood School District starts school on Wednesday.