In addition to all other provisions of this subchapter, with respect to any tax increment financing district, of the municipal and education tax increments received in any tax year that exceed the amounts committed for the payment of the financing for improvements and related costs in the district, equal portions of each increment may be retained for the following purposes: prepayment of principal and interest on the financing, placed in a special account required by section 1896 of this subchapter and used for future financing payments, or used for defeasance of the financing. Any remaining portion of the excess municipal tax increment shall be distributed to the city, town, or village budget, in proportion that each budget bears to the combined total of the budgets unless otherwise negotiated by the city, town, or village; and any remaining portion of the excess education tax increment shall be distributed to the Education Fund. (Added 1987, No. 204 (Adj. Sess.), § 7; amended 2005, No. 184 (Adj. Sess.), § 2g; 2007, No. 190 (Adj. Sess.), § 60, eff. June 6, 2008; 2013, No. 80, § 9.)