The City shall be deemed, for all purposes, to be the successor in interest to the Former City. The said City shall succeed to own, possess, hold and control all rights, including, but not limited to, rights in and to personal and real property owned, possessed, controlled or held by said Former City, as of the effective date of this Charter. Said City shall be deemed, for all purposes, to be subject to all debts, obligations, liabilities and duties of said Former City, as such existed as of the effective date of the Charter.