(1) If a local candidate or a political committee which is specifically organized to support or oppose a particular local candidate or issue anticipates receiving contributions in a total amount of less than $500 and anticipates expending funds in a total amount of less than $500 for all elections in a campaign, the candidate or an officer of the political committee shall file an affidavit of such intent at the same time the statement of candidate or statement of organization is filed as required by 13-37-201 and 13-37-205, MCA.

(2) If a local candidate or an officer of a local political committee files an affidavit pursuant to (1) of this rule and subsequently receives contributions in a total amount or makes expenditures in a total amount in excess of $500 for all elections in a campaign, such candidate or officer shall, within five days of the date when such expenditures or contributions exceed $500, file an initial report disclosing all contributions and expenditures to that date and shall file all future reports required by 13-37-226(2) , MCA.