Section 755.8 - Requirements of applicants and recipients(a) Prior to the granting or loaning of any funds to a development agency for a project, such agency shall submit to the department an application in a form required by the department and containing such information as the department may require.(b) Recipients shall maintain accurate fiscal and accounting records of all expenditures incurred and funds received in carrying out a development project pursuant to the provisions of this act.(c) Recipients shall apply moneys received from the department under this act only to those purposes and activities authorized by contract or otherwise approved by the department.1974, July 20, P.L. 572, No. 198, § 8, effective 11/1/1974. Amended 1975 , Oct. 7, P.L. 375, No. 108, § 5, imd. effective.