To impose a 90-day moratorium on the authority of townships and municipal corporations to approve new joint economic development zone contracts and new joint economic development district contracts devised under the nonrestricted procedures and on the authority to amend existing contracts for any purpose other than to revise the contract's duration, and to declare an emergency.

Section 1. No township or municipal corporation may approve a new joint economic development zone contract under section 718.69 or 718.691 of the Revised Code or a new joint economic development district contract under sections 718.72 to 718.81 of the Revised Code in the 90 days following the effective date of this section. No township or municipal corporation may amend any of the foregoing contracts for any purpose other than to revise the duration of the contract in the 90 days following the effective date of this section. For the purposes of this section, a contract is approved or amended when the board of township trustees of a township or the legislative authority of a municipal corporation enacts an ordinance or resolution approving or amending the contract.

This section does not apply to joint economic development district contracts approved or amended under section 718.70 or 718.71 of the Revised Code.

Section 2. This act is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, health, and safety. The reason for such necessity is to prevent the imposition of unfair and unduly burdensome taxes by local governments while the General Assembly considers legislation reforming the laws governing joint economic development zones and joint economic development districts. Therefore, this act shall go into immediate effect.