Before pledging or otherwise committing money in the tax increment account under Section 460.606, the governing body of a municipality must enter into an agreement under Subchapter E, Chapter 271, Local Government Code, to authorize and direct the comptroller to:
(1) withhold from any payment to which the municipality may be entitled the amount of the payment due to the tax increment account;
(2) deposit that amount into the tax increment account; and
(3) continue withholding and making additional payments into the tax increment account until an amount sufficient to satisfy the amount due to the account has been met.