1. The total of all general obligation bonds and other general obligation securities constituting a debt (but excluding revenue bonds and other securities constituting special obligations) issued to finance any undertaking authorized in NRS 710.290 to 710.390 , inclusive, must be in a principal amount not to exceed 2 percent of the assessed valuation of all property in the county or the city for the year in which the bonds are issued. Such general obligation securities constitute a separate classification of debt of the county or city and do not exhaust its debt-incurring power for other purposes under any other statutory debt limitation. 2. This section does not prevent the county or city from funding, refunding or reissuing any securities of the county appertaining to the system as provided in the Local Government Securities Law, except as therein limited.
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