((a)) ** Application** A State shall be eligible to receive a grant under this part if—
((1)) the State submits to the Secretary as part of its application under section 209 such information and assurances as the Secretary may require at such time as the Secretary shall establish; and
((2)) the Secretary approves such application.
((b)) ** Application requirements** The Secretary shall require each application to include—
((1)) a description of the State’s procedures relating to the use of funds from grants received under this part, including the approval process for local applications;
((2)) an assurance that not more than 1 percent of the amount received shall be used for administrative expenses; and
((3)) an assurance that the State will, to the extent possible, assist local school districts in economically depressed areas to obtain matching funds from business concerns.