(1) Provide for an annual audit, and for the submission of a copy thereof to the United States Commissioner of Education, of the expenditure of funds received under said act, and for a system of reports from local public-school jurisdictions and other State public-education agencies to the Superintendent of Public Instruction;

(2) Make such reports in such form and containing such information concerning the administration of said act as the Commissioner may reasonably require and give him upon request access to the records on which such reports are based;

(3) Formulate and effectuate, for each fiscal year beginning after June 30, 1953, a plan for the apportionment of amounts paid to the State from funds appropriated pursuant to section three of said act for such fiscal year under which there will be available from all sources to each local public-school jurisdiction or other State public-education agency, for current expenditures for public elementary-school and public secondary-school education, an amount per pupil in average daily attendance at public elementary and secondary schools within such local public-school jurisdiction, or under the jurisdiction of such State public-education agency, not less than fifty-five ($55) dollars or, in any fiscal year for which the amount to be paid to the State is less by reason of the provision of paragraph (F) of section four of said act than the amount of the Federal allotment to the State, an amount which bears the same ratio to fifty-five ($55) dollars as ninety-seven (97%) per centum of the funds appropriated for such fiscal year pursuant to section three of said act bears to the sum of all Federal allotments under section four of said act;

(4) Provide for the administration of funds to be received by performing any and all acts deemed necessary to administer properly said funds.