No cause of action may be brought against the Committee on Local Government Finance created pursuant to NRS 354.105 , or any of its members, which is based upon:
1. Any act or omission in the execution of, or otherwise in conjunction with, the execution of NRS 354.655 to 354.725 , inclusive, or any policy or plan adopted pursuant thereto, whether or not such statute, policy or plan is valid, if the statute, policy or plan has not been declared invalid by a court of competent jurisdiction; or
2. The exercise or performance or the failure to exercise or perform a discretionary function or duty on the part of the Committee on Local Government Finance or member thereof, whether or not the discretion involved is abused.
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