§ 1900 - Distribution - Vermont Statutes

§ 1900. Distribution

In addition to all other provisions of this chapter, with respect to any tax increment financing district, of the municipal and education tax increments received in any tax year that exceed the amounts pledged for the payment of the financing for improvements and related costs in the district , an equal portion of each increment may be used for prepayment of principal and interest on the financing, placed in escrow for financing payment, or otherwise used for defeasance of the financing; and 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.)