((a)) ** Eligibility** An applicant that desires to receive a grant under this part shall submit an application to the State educational agency, at such time, and in such manner, as the State may require. Such application may take the form of an amendment to an assessment submitted by the local educational agency under section 210, if appropriate.1

((b)) ** Requirements for application** The State shall require each application to include—

((1)) a description of the activities for which assistance under this part is sought;

((2)) assurances that not more than 5 percent of the amount received by the applicant in any fiscal year shall be expended on administrative expenses;

((3)) if the funds are to be used for improvement of elementary and secondary resources as described in subsection (b)(1)—

((A)) an estimate of the amount to be spent on equipment, facilities improvement, library resources, and classroom instructional material;

((B)) an estimate of the number of elementary and secondary students who will be aided by activities and expenditures under the grant;

((C)) assurances that—

((i)) except as provided in subsection (c), a minimum of 25 percent of the funds for each project will be supplied by business concerns within the community;

((ii)) no stipend shall be paid directly to employees of a profitmaking business concern;

((iii)) provision shall be made for the equitable participation in the project of children who are enrolled in private elementary and secondary schools; and

((iv)) consideration will be given to programs and activities designed to meet the needs of educationally disadvantaged and other traditionally underserved populations; and

((4)) if the funds are to be used for advanced placement programs as described in subsection (b)(2), a commitment as to the percentage of funds received from the State on a per student basis that shall be used by the local educational agency to defray costs of the advanced placement program.

((c)) ** Waiver** The State may waive or reduce the amount of matching funds required under subsection (b)(3)(C)(i) if the State determines that—

((1)) substantial need exists in the area served by the applicant for a grant under this part; and

((2)) the required amount of matching funds cannot be made available.

((d)) ** Joint applications** A regional consortium of applicants in 2 or more local school districts may file a joint application under subsection (a).