Notwithstanding § 8003 of this title, or any other provision of this chapter, a candidate for election to a school board or to any other public office that pays less than $1,000 per year is not required to form a candidate committee if the candidate signs under penalty of perjury a statement, in a form prepared by the Commissioner, certifying that the candidate does not intend or expect that the candidate's campaign will receive or spend, from the date of the first contribution or expenditure on behalf of the candidate's election until the end of the year in which the election for the office is held, more than $5,000. If, notwithstanding the execution of the statement, the candidate's campaign nevertheless receives more than $5,000 in contributions or expends more than $5,000, including any contributions or expenditures by the candidate, before the end of the year in which the election for the office is held, the candidate shall, within 7 days after the receipt or expenditure in excess of $5,000, notify the Commissioner and cause to be filed all reports that would otherwise have been required under this chapter.