Sec. 5.500. Creation and Administration of the Funds. (a) There is created and established in the Treasury of the City of Los Angeles, a special trust fund for each of the 15 Council Districts of the City of Los Angeles. Each fund shall be known as the “ Council District ____ Real Property Fund ”, and inserted following “ District ” and preceding “ Real ” shall be the number of the Council District for which the fund was created. Each fund shall be referred to in this chapter as the “ Fund ” and collectively be referred to as the “ Funds ”. For all sales of Surplus City real property or the sale or lease of City-owned real property which has been designated by the Council for economic development opportunities under the Asset Management Framework Policy as approved by the Council, located in the City of Los Angeles, except for property located in the Venice Area, as that term is defined in Section 5.121 of this Code, including, but not limited to, Sections 5.121, 5.121.2 and 5.547, 50 percent of all net proceeds collected from each sale or lease, to the extent allowed by law, shall be placed into the Fund for the Council District in which the real property is located, to be used for the purposes set forth below; except, however, for the sale of any surplus properties in the City of Los Angeles approved by City Council for use in support of the City’s “Using Public Land for Affordable and Homeless Housing” strategy, completed on or after July 1, 2016, and prior to July 1, 2017, net proceeds shall be distributed as provided in Section 7.33.1 of this Code. Additionally, 50% of all oil pipeline franchise fees collected by the City of Los Angeles shall be placed in each Fund according to the following fee allocation: 1. Twenty-five percent of all oil pipeline franchise fees shall be equally distributed to each individual Council District Real Property Trust Fund, except, however, for oil pipeline franchise fees received on or after July 1, 2010, and prior to July 1, 2011, in which case the twenty-five percent of fees that would otherwise be distributed to each individual Council District Real Property Trust Fund shall instead be deposited in the General Fund of the City of Los Angeles. 2.