The long awaited multi-million dollar bailout for Roosevelt schools was passed by the state Legislature Friday.

The cash-strapped district will be provided with a one-time $8 million grant to help address Roosevelt's accumulated deficit. Roosevelt's yearly Academic Improvement Grant will be doubled from $6 million to $12 million to put the district's per pupil spending on par with Nassau's average.

State Senator Charles Fuschillo, a co-sponsor of the bill, says he's relieved to have the district's financial problems taken care of. "I'm just glad we're passing the legislation in both houses," says Fuschillo. "We need to move forward."

Gov. Eliot Spitzer is expected to sign the bill into action next week.

Roosevelt was set to run out of money by the end of the month after the state Assembly missed a year-end deadline to vote on the bailout legislation.

Related information: State fails to give Roosevelt $8M in bailout funds